Stocks

Synergy Pharmaceuticals, Inc. (SGYP) and Forward Industries, Inc. (FORD) Activist Update

State Street Corp has filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 20,455,046 shares of Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP). This represents 8.29 percent ownership of the company. Synergy Pharmaceuticals, Inc. has declared a standard industrial code (sic) of 2834 which is the “Pharmaceutical Preparations” industry.

Frost James M has filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 450,973 shares of Forward Industries, Inc. (NASDAQ:FORD). This represents 5.1 percent ownership of the company. Forward Industries, Inc. has declared a standard industrial code (sic) of 3089 which is the “Plastics Products, Not Elsewhere Classified” industry.

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 Activist Investor Filings

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.

Conifer Holdings, Inc. (CNFR) – Conifer Holdings, Inc. has filed a new SC 13D, reporting a 27.35% ownership stake in Conifer Holdings.

New Passive Investor 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.

Redfin Corp (RDFN) – Tiger Global Management Llc has filed a new SC 13G, reporting a 9.40% ownership stake in Redfin.

Akoustis Technologies, Inc. (AKTS) – Tompkins Mark N. has filed a new SC 13G, reporting a 7.90% ownership stake in Akoustis Technologies.

Hennessy Capital Acquisition Corp. II (HCAC) – Karpus Management, Inc. has filed a new SC 13G, reporting a 9.00% ownership stake in Hennessy Capital Acquisition II.

Forward Industries, Inc. (FORD) – Frost James M has filed a new SC 13G, reporting a 5.10% ownership stake in Forward Industries.

TripAdvisor, Inc. (TRIP) – Eagle Capital Management Llc has filed a new SC 13G, reporting a 8.73% ownership stake in TripAdvisor.

Morgan Stanley (MS) – State Street Corp has filed a new SC 13G, reporting a 8.38% ownership stake in Morgan Stanley. This is a decrease of 3.57% from their previous filing.

Draper Oakwood Technology Acquisition, Inc. Unit (DOTAU) – Karpus Management, Inc. has filed a new SC 13G, reporting a 9.00% ownership stake in Draper Oakwood Technology Acquisition, Inc. Unit.

I-AM Capital Acquisition Company (IAM) – Karpus Management, Inc. has filed a new SC 13G, reporting a 9.00% ownership stake in I-AM Capital Acquisition.

Stellar Acquisition III Inc. (STLR) – Karpus Management, Inc. has filed a new SC 13G, reporting a 9.00% ownership stake in Stellar Acquisition III.

M III Acquisition Corp. (MIII) – Karpus Management, Inc. has filed a new SC 13G, reporting a 9.00% ownership stake in M III Acquisition.

National Retail Properties, Inc. (NNN) – State Street Corp has filed a new SC 13G, reporting a 9.56% ownership stake in National Retail Properties. This is an increase of 32.41% from their previous filing.

Sonoco Products Co. (SON) – State Street Corp has filed a new SC 13G, reporting a 7.30% ownership stake in Sonoco Products Co.. This is an increase of 12.31% from their previous filing.

Liberty TripAdvisor Holdings, Inc. (LTRPB) – Eagle Capital Management Llc has filed a new SC 13G, reporting a 6.32% ownership stake in Liberty TripAdvisor Holdings.

United Technologies Corp. (UTX) – State Street Corp has filed a new SC 13G, reporting a 11.28% ownership stake in United Technologies. This is a decrease of 2.67% from their previous filing.

Northrop Grumman Corp. (NOC) – State Street Corp has filed a new SC 13G, reporting a 11.06% ownership stake in Northrop Grumman. This is a decrease of 2.21% from their previous filing.

Old Republic International Corp. (ORI) – State Street Corp has filed a new SC 13G, reporting a 7.56% ownership stake in Old Republic International. This is an increase of 0.40% from their previous filing.

RLI Corp. (RLI) – State Street Corp has filed a new SC 13G, reporting a 12.73% ownership stake in RLI. This is a decrease of 11.90% from their previous filing.

WAVE Life Sciences Ltd. (WVE) – Redmile Group, LLC has filed a new SC 13G, reporting a 7.95% ownership stake in WAVE Life Sciences.

Zillow Group, Inc. Class C (Z) – Caledonia (Private) Investments Pty Ltd has filed a new SC 13G, reporting a 25.05% ownership stake in Zillow Group, Inc. Class C. This is an increase of 3.13% from their previous filing.

GrubHub Inc. (GRUB) – Caledonia (Private) Investments Pty Ltd has filed a new SC 13G, reporting a 12.87% ownership stake in GrubHub. This is an increase of 19.06% from their previous filing.

United Bankshares, Inc. (UBSI) – State Street Corp has filed a new SC 13G, reporting a 12.46% ownership stake in United Bankshares. This is an increase of 22.04% from their previous filing.

Synergy Pharmaceuticals, Inc. (SGYP) – State Street Corp has filed a new SC 13G, reporting a 8.29% ownership stake in Synergy Pharmaceuticals.

Tanger Factory Outlet Centers, Inc. (SKT) – State Street Corp has filed a new SC 13G, reporting a 22.22% ownership stake in Tanger Factory Outlet Centers. This is an increase of 14.07% from their previous filing.

Telephone and Data Systems, Inc. (TDS) – State Street Corp has filed a new SC 13G, reporting a 7.70% ownership stake in Telephone and Data Systems. This is an increase of 14.93% from their previous filing.

Clipper Realty Inc. (CLPR) – Ci Investments Inc. has filed a new SC 13G, reporting a 8.21% ownership stake in Clipper Realty. This is a decrease of 0.36% from their previous filing.

Pattern Energy Group Inc. (PEGI) – Ci Investments Inc. has filed a new SC 13G, reporting a 3.39% ownership stake in Pattern Energy Group. This is a decrease of 32.34% from their previous filing.

Travelers Companies, Inc. (The) (TRV) – State Street Corp has filed a new SC 13G, reporting a 7.05% ownership stake in Travelers Companies. This is an increase of 7.31% from their previous filing.

Target Corp. (TGT) – State Street Corp has filed a new SC 13G, reporting a 9.07% ownership stake in Target. This is a decrease of 0.55% from their previous filing.

TrueCar, Inc. (TRUE) – Caledonia (Private) Investments Pty Ltd has filed a new SC 13G, reporting a 16.48% ownership stake in TrueCar. This is an increase of 26.77% from their previous filing.

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