Dimensional Fund Advisors Reports 5.2% Passive Stake In Stepan, 1,192,015 Shares
The SEC ownership filing says the shares sit with funds Dimensional advises, not for the purpose of influencing control of the chemicals maker.
Dimensional Fund Advisors LP reported a 5.2% stake in Stepan, or 1,192,015 common shares, in a passive ownership disclosure filed Thursday. The filing, a Schedule 13G, lists September 30 as the event date and certifies the shares are not held to influence control.
What the filing says
Dimensional reports sole voting power over 1,165,503 shares and shared voting power over none. The Austin, Texas, asset manager is a registered investment adviser, and the filing's note says it advises four registered investment companies plus other commingled funds, group trusts and separate accounts.
The filing states that all the reported securities are owned by those funds, and Dimensional disclaims beneficial ownership of them. It adds that, to Dimensional's knowledge, no single fund's interest exceeds 5% of the class.
The signed certification says the shares were acquired and are held in the ordinary course of business, and not for the purpose or effect of changing or influencing control of Stepan.
What it changes
For Stepan holders, the filing shows a large passive holder on the register. It carries no stated plan to seek board seats or push for changes, since the certification rules out a control purpose.
Stepan, based in Northbrook, Illinois, makes specialty and intermediate chemicals, including surfactants used in cleaning products and polyols used in insulation, according to the company's earnings-date announcement. In Thursday trading, as of 2:37 p.m. ET, shares were at $61.90, up about 1% from the prior close of $61.32, with a market value of roughly $1.4 billion (market data).
What to watch
Stepan is scheduled to report third-quarter results on October 28 at about 7:00 a.m. ET, with a conference call at 9:00 a.m. ET, according to the company's announcement.
The next dated event is Stepan's October 28 third-quarter report.
