When a person or group of persons acquires beneficial ownership of more than 5% of a company’s equity securities, they are required to file a Schedule 13D or 13G with the SEC.
If these groups intend to influence management into changing the business strategy, they are considered “activist” investors. There is considerable academic research that suggest activist investors contribute to excess returns in equities in the subsequent twelve months after the event.
Investors that acquire 10% or more of a company’s shares, or that gain a board seat, are considered insiders by the SEC and are subject to stricter insider trading filing requirements.
Investors that acquire more than 5% of the shares of a company and intend to influence management are considered activist investors and must file a 13D, and investors that acquire more than 5% of the shares of a company but have no intention of influencing management are considered passive investors and must file a 13G.
Here are 10 recent notable filings:
New Activist Investor Filings
PhotoMedex, Inc. (NASDAQ:PHMD) – First Capital Real Estate Trust Inc has filed a new SC 13D, reporting a 16.60% ownership stake in PhotoMedex.
New Passive Investor Filings
NTN Communications, Inc. (NYSEMKTS:NTN) – Gordon Sean has filed a new SC 13G, reporting a 8.80% ownership stake in NTN Communications.
Apricus Biosciences, Inc. (NASDAQ:APRI) – INTRACOASTAL CAPITAL, LLC has filed a new SC 13G, reporting a 2.20% ownership stake in Apricus Biosciences. This is an increase of 450.00% from their previous filing.
SteadyMed Ltd. (NASDAQ:STDY) – Adage Capital Partners GP LLC has filed a new SC 13G, reporting a 9.61% ownership stake in SteadyMed.
Amended Activist Investor Filings
Esterline Technologies Corp. (NYSE:ESL) – First Pacific Advisors, LLC has filed an amended Schedule 13D/A, reporting a 11.40% ownership stake in Esterline Technologies. This is a decrease of 9.52% from their previous filing.
Issuer Direct Corp. (NYSEMKTS:ISDR) – Red Oak Partners, LLC has filed an amended Schedule 13D/A, reporting a 11.42% ownership stake in Issuer Direct. This is a decrease of 20.58% from their previous filing.
Avalon Holdings Corp. (NYSEMKTS:AWX) – NALLURI ANIL CHOUDARY INC P/S PLAN & TRUST U/A/DTD 7/1/80 has filed an amended Schedule 13D/A, reporting a 22.53% ownership stake in Avalon Holdings. This is an increase of 0.95% from their previous filing.
Rightside Group, Ltd. (NASDAQ:NAME) – CANNELL CAPITAL LLC has filed an amended Schedule 13D/A, reporting a 8.60% ownership stake in Rightside Group. This is a decrease of 2.05% from their previous filing.
Amended Passive Investor Filings
Proteon Therapeutics, Inc. (NASDAQ:PRTO) – Flynn James E has filed an amended Schedule 13D/A, reporting a 2.07% ownership stake in Proteon Therapeutics. This is a decrease of 24.45% from their previous filing.
Bonanza Creek Energy, Inc. (NYSE:BCEI) – FIR TREE INC. has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in Bonanza Creek Energy. This is a decrease of 100.00% from their previous filing.
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