Starboard Value, the activist US hedge fund firm founded by Jeff Smith and Mark Mitchell, has amassed a 9.3% stake in Rogers Corporation, signalling a renewed push to unlock value at the underperforming advanced materials company, according to a report by Reuters.
Rogers shares surged 10% in after-hours trading on the news, though the stock remains down over 30% year-to-date, giving the company a current market cap of approximately $1.28 billion, according to LSEG data.
The move by Starboard positions the activist investor to agitate for operational or strategic changes at a company viewed as undervalued. Rogers manufactures high-performance materials used across EVs, radar systems, automotive safety, and other industrial tech applications.
Starboard has previously engaged with Rogers regarding board composition and governance matters, according to regulatory filings. The firm is now in active dialogue with management and the board about further opportunities for value creation.
While details of Starboard’s proposals remain undisclosed, the hedge fund has a history of pushing for margin improvement, capital allocation discipline, and strategic reviews at similarly positioned mid-cap industrial and tech firms.
Reports of Starboard building a position in Rogers first surfaced in 2023, including suggestions that the fund would seek board representation as part of a broader activist campaign.
