There were six notable investor filings over the past days. Sears Holdings Corp (NASDAQ:SHLD) is the largest company of interest.
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.
New Passive Investor 13G Filings
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.
Amended Activist Investor 13G Filings
Sears Holdings Corp (NASDAQ:SHLD) – ESL PARTNERS, L.P. has filed an amended Schedule 13D/A, reporting a 56.50% ownership stake in Sears Holdings. This is an increase of 1.07% from their previous filing.
Eastman Kodak Co. (NYSE:KODK) – BlueMountain Capital Management, LLC has filed an amended Schedule 13D/A, reporting a 1.20% ownership stake in Eastman Kodak. This is a decrease of 89.29% from their previous filing.