The owner of the ubiquitous Redbox DVD rental kiosks might soon be heading in a new strategic direction. Activist investment boutique JANA Partners revealed in a fresh SEC filing that it has amassed a nearly 3.8 million-share stake in Outerwall (NASDAQ:OUTR), formerly and better known as Coinstar. That amount gives JANA Partners roughly 13.5% of the company.

In the filing, JANA Partners said it intends to discuss "strategic alternatives "with the company's management. These include "selling or discontinuing certain businesses, or pursuing a sale of the Issuer; the Issuer's capital structure including providing for a significant return of capital to shareholders; improving the Issuer's capital allocation policy; and cost cutting opportunities."

In response, Outerwall issued a press release stating that it "welcomes the opinions of its shareholders and is always open to constructive input toward the goal of enhancing shareholder value."

Fool contributor Eric Volkman has no position in Outerwall. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.