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 6 recent notable filings:
New Activist Investor 13D Filings
Amended Activist Investor 13D Filings
Seattle Genetics, Inc. (NASDAQ:SGEN) – Baker Brothers Advisors LP has filed an amended Schedule 13D/A, reporting a 32.10% ownership stake in Seattle Genetics. This is a decrease of 0.62% from their previous filing.
TerraForm Power Inc. (NASDAQ:TERP) – BROOKFIELD ASSET MANAGEMENT INC. has filed an amended Schedule 13D/A, reporting a 11.79% ownership stake in TerraForm Power. This is a decrease of 3.04% from their previous filing.
Tempur Sealy International, Inc. (NYSE:TPX) – H PARTNERS MANAGEMENT, LLC has filed an amended Schedule 13D/A, reporting a 15.30% ownership stake in Tempur Sealy International. This is an increase of 8.51% from their previous filing.
New Passive Investor 13G Filings
Amended Passive Investor 13G Filings
Trade Desk, Inc. (NASDAQ:TTD) – Hadley Harbor Master Investors (Cayman) L.P. has filed an amended Schedule 13D/A, reporting a 6.72% ownership stake in Trade Desk. This is a decrease of 43.58% from their previous filing.
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