SCHEDULE: Starboard Value Amends Rogers Corp Stake

Sentiment:

Schedule 13D Amendment 31 October 2025 9:45 PM

Activist investor Starboard Value LP updated its Schedule 13D filing for Rogers Corp, disclosing recent sales of common stock while maintaining a 6.7% beneficial ownership.

Summary

Starboard Value LP and its affiliates filed Amendment No. 1 to their Schedule 13D regarding Rogers Corp.
The reporting persons collectively beneficially own 1,203,457 shares of Rogers Corp's Capital Stock, representing 6.7% of the outstanding shares.
This percentage is based on 17,984,499 shares outstanding as of October 24, 2025, as reported in Rogers Corp's Quarterly Report on Form 10-Q filed on October 30, 2025.
The shares were acquired using working capital, which may include margin loans made by brokerage firms in the ordinary course of business.
Recent transactions include sales of common stock by various Starboard entities between October 24, 2025, and October 31, 2025, at prices ranging from $83.4190 to $86.9230.
Specific entities sold shares: Starboard V&O Fund (249,473 shares), Starboard S LLC (64,711 shares), Starboard L Master (13,019 shares), Starboard X Master (84,885 shares), and Starboard Value LP Account (60,635 shares).

Sentiment

Score: 4

Explanation: Starboard Value LP, a known activist investor, reported significant sales of Rogers Corp common stock in late October 2025. While the firm still holds a substantial 6.7% stake, the divestment of a considerable number of shares could be interpreted by the market as a reduction in the activist's conviction or a move to realize profits, potentially putting downward pressure on the stock.

Positives

Negatives

Starboard Value LP and its affiliates reported significant sales of Rogers Corp common stock totaling 472,723 shares between October 24, 2025, and October 31, 2025, which could be perceived as profit-taking or a reduction in conviction by a prominent activist investor.

Risks

Future Outlook

Industry Context

Stakeholder Impact

Shareholders: The reported sales by a prominent activist investor could lead to negative market sentiment and potential share price volatility for Rogers Corp.

Key Dates

Date	Description
10/24/2025	Shares outstanding reported as 17,984,499; first date of reported share sales by Starboard entities.
10/27/2025	Date of reported share sales by Starboard entities.
10/29/2025	Date of event which required the filing of this statement; also a date of reported share sales by Starboard entities.
10/30/2025	Date of Issuer's Quarterly Report on Form 10-Q, which reported the shares outstanding.
10/31/2025	Date of filing of Amendment No. 1 to Schedule 13D; also a date of reported share sales by Starboard entities.

Recommendation

hold

While Starboard Value LP has reduced its stake through recent sales, it still maintains a significant 6.7% beneficial ownership in Rogers Corp. The sales could be interpreted as profit-taking or a re-evaluation of the investment thesis. Given the activist nature of Starboard, their continued presence, even with reduced holdings, suggests ongoing interest, but the selling activity warrants caution. Investors should hold and monitor further developments from Starboard and Rogers Corp's operational performance.

Keywords

Rogers Corp, Starboard Value LP, Schedule 13D, Activist Investor, Beneficial Ownership, Common Stock, Share Sales, SEC Filing, Investment Management

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