Tessera Technologies, Inc. (TSRA): Starboard Value Reduces Position and Reveals Top 3 New Picks

Clean Harbors Inc (NYSE:CLH) was also amongst Starboard Value’s top new picks last quarter, with a position of 1.35 million shares. Despite a weak performance in 2014 which saw shares drop by 19%, the stock has already gained 16.5% year-to-date. Starboard’s stake in the company is relatively small at 2.25%, yet the fund seems to have targeted Clean Harbors for a reason. Considering the waste disposal and environmental services firm has been underperforming relative to its industry peers, Mr. Smith’s firm might take on a larger stake and an activist role in the future, however no such plans have been revealed yet. In addition to Starboard Value, Clean Harbors Inc (NYSE:CLH) has the backing of numerous investment firms. Ralph V. Whitworth’s Relational Investors continues to hold a large activist stake of 2.98 million shares in Clean Harbors, though it’s slashed that position by 2.90 million shares since the end of 2014 when it held 5.88 million shares. Meanwhile, Clifton S. Robbins’ Blue Harbour Group was also betting on the stock last quarter, entering a position in the company with the purchase of 1.43 million shares.

Starboard Value also entered a new position in Alibaba Group Holding Ltd (NYSE:BABA) last quarter, with the acquisition of 400,000 shares of the company’s common stock. Despite its popularity amongst investors, the stock has lost around 20% year-to-date and is currently trading near its 52-week low of $80.03 per share. Nevertheless, billionaire hedge fund managers and institutional investors such as Starboard, maintain a bullish stance towards Alibaba Group Holding Ltd (NYSE:BABA). Dan Loeb’s Third Point was one of the company’s largest investors, disclosing a stake of 10.0 million shares last quarter.

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