Long Term Returns of Jeff Smith’s 5 Activist Targets

3. Rogers Corporation (NYSE:ROG)

Activist Investment: 2023
Long-Term Returns: 14% Gain
S&P 500 Gain: 18%

Rogers Corporation (NYSE:ROG) is a global leader in engineered materials that power, protect, and connect the world. The company designs, develops, and manufactures engineered materials and components worldwide. At the start of 2023, activist investor Starboard Value had amassed a sizeable stake in the company and was seeking seats on the board to push for changes aimed at unlocking value.

The board challenge is in response to the chemical company DuPont pulling away from a $5.2 billion deal to acquire the company late last year, resulting in the stock tanking 47%. Consequently, the activist investor announced it will push for three seats on the board after amassing a 6.5% stake.

In February, Rogers Corporation (NYSE:ROG) agreed with the activist investor and offered two seats on the board, expected to stop any proxy fight.

It still needs to be determined whether the investor will influence the management to pursue strategic alternatives to unlocking value.