Activist Investor Starboard Trims Stake in Rogers Corporation
24.01.2026 - 19:12:04
Prominent activist fund Starboard Value LP has significantly pared back its equity position in Rogers Corporation. The investor's stake now stands at 3.3%, placing it below the critical 5% ownership threshold and signaling a potential shift in its relationship with the specialty materials manufacturer.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Starboard Value crossed below the 5% mark of Rogers' outstanding shares on January 22, 2026. The filing indicates the fund currently holds 599,328 shares. Based on approximately 18 million shares outstanding as of late October 2025, this equates to the reported 3.3% ownership interest.
This move below the 5% level carries specific regulatory implications. Starboard is no longer obligated to file detailed disclosures under the stricter Schedule 13D, transitioning instead to the less demanding Schedule 13G. Market observers frequently interpret such a reduction as an indicator of a changing strategic role for the investor within the company.
Should investors sell immediately? Or is it worth buying Rogers?
From Active Engagement to Reduced Exposure
The involvement between the activist fund and Rogers has a notable history. Starboard initially built a position that reached as high as 9.3% and, following its campaign, reached an agreement with the company in February 2023. That earlier activist pressure resulted in the appointment of two independent directors to Rogers' board, with the stated objective of enhancing shareholder value.
The current reduction to a 3.3% stake follows that period of direct engagement. The shares were accumulated over time through open market purchases, with portions financed using margin loans, as detailed in the transparency filing. The disclosure also lists specific investment amounts tied to various fund vehicles managed by Starboard.
For shareholders, this decreased investment represents a significant development. It denotes a shift in the company's shareholder composition and is likely to influence the future dynamic between Rogers' management and a previously influential investor.
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