NEW YORK Nelson Peltz and his funds collectively hold a 5 percent stake in The Cheesecake Factory Inc., according to filings made Wednesday with the Securities and Exchange Commission. The holding is about half of what the activist investor and his affiliated funds were reported to be seeking in the casual-dining chain.
Late last year, reports circulated that Peltz had intended to buy as much 10 to 14 percent of the Cheesecake Factory's outstanding shares through Trian Star Trust, a fund under his Trian Fund Management LP group of funds.
As of Dec. 31, however, Peltz and his funds controlled 3.5 million of Cheesecake's 69.7 million outstanding shares, or slightly more than 5 percent.
Known for buying large stakes in companies and then pushing for changes, Peltz has not disclosed his intentions behind his stake in the Cheesecake Factory.
In December, Cheesecake Factory officials said in a statement that the company "has had a preliminary conversation with Trian already, and looks forward to continuing that dialogue."
The Cheesecake Factory operates 139 namesake restaurants, along with 12 Grand Lux Cafes and one Rock Sugar Pan Asian Kitchen, which is set to debut soon in Los Angeles.
Like many operators, the Cheesecake Factory has struggled with slow sales and a sagging share price. In trading on Thursday, the company's stock dipped 1.83 percent to close at $20.33 Ñ $9.45 less than its 52-week high.
Peltz controls Arby's parent company, Triarc Cos. Inc. and is one of the bidders seeking to buy Wendy's International Inc.