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 12 recent notable filings:
New Activist Investor Filings
PAREXEL International Corporation (NASDAQ:PRXL) – has filed a new SC 13D, reporting a 5.70% ownership stake in PAREXEL International.
New Passive Investor Filings
Pandora Media Inc (NYSE:P) – has filed a new SC 13G, reporting a 5.20% ownership stake in Pandora Media.
Care.com, Inc. (NYSE:CRCM) – has filed a new SC 13G, reporting a 5.13% ownership stake in Care.com.
Vuzix Corporation (NASDAQ:VUZI) – has filed a new SC 13G, reporting a 3.40% ownership stake in Vuzix. This is an increase of 8.28% from their previous filing.
Adverum Biotechnologies Inc (NASDAQ:ADVM) – has filed a new SC 13G, reporting a 6.30% ownership stake in Adverum Biotechnologies.
Amended Activist Investor Filings
Aerohive Networks Inc (NYSE:HIVE) –
has filed an amended Schedule 13D/A, reporting a 8.10% ownership stake in Aerohive Networks. This is a decrease of 10.99% from their previous filing.
Marrone Bio Innovations Inc (NASDAQ:MBII) – has filed an amended Schedule 13D/A, reporting a 3.70% ownership stake in Marrone Bio Innovations.
Armstrong Flooring, Inc. (NYSE:AFI) – has filed an amended Schedule 13D/A, reporting a 3.04% ownership stake in Armstrong Flooring. This is an increase of 0.66% from their previous filing.
YuMe Inc (NYSE:YUME) – has filed an amended Schedule 13D/A, reporting a 7.06% ownership stake in YuMe. This is an increase of 11.89% from their previous filing.
Amended Passive Investor Filings
Aratana Therapeutics Inc (NASDAQ:PETX) – has filed an amended Schedule 13D/A, reporting a 10.59% ownership stake in Aratana Therapeutics. This is an increase of 6.11% from their previous filing.
Liberty Media Formula One (NASDAQ:LMCA) – has filed an amended Schedule 13D/A, reporting a 5.56% ownership stake in Liberty Media.
Peak Resorts Inc (NASDAQ:SKIS) – has filed an amended Schedule 13D/A, reporting a 4.00% ownership stake in Peak Resorts. This is a decrease of 55.06% from their previous filing.
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