What Happened?

Shares of engineered materials manufacturer Rogers (NYSE: ROG) jumped 5.3% in the afternoon session after activist investor Starboard Value disclosed it acquired a stake of more than 9% in the engineering materials company, with plans to push for changes to boost its stock value. The hedge fund's renewed interest followed a period where Rogers' stock had declined by nearly 31% year-to-date, a drop attributed to slowing demand for electric vehicles. Starboard Value previously took a significant position in 2023, which led to the appointment of two independent directors to the company's board. Investors reacted positively to the development, as the activist's involvement signaled a potential for enhanced financial performance and overshadowed a recent analyst downgrade.

After the initial pop the shares cooled down to $72.65, up 3% from previous close.

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What Is The Market Telling Us

Rogers’s shares are somewhat volatile and have had 11 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 6 days ago when the stock dropped 3.7% on the news that the company reported disappointing second-quarter 2025 financial results, which included a significant net loss and a miss on earnings expectations. The company posted a net loss of $73.6 million, or $4.00 per share, for the quarter. This loss included $71.8 million in non-cash impairment charges and $4.3 million in restructuring costs, largely related to its AES curamik® business. While revenue grew from the previous quarter, adjusted earnings per share of $0.34 missed analyst forecasts. Furthermore, sales declined 5.3% compared to the same period last year, which reflected lower demand from the electric vehicle and wireless infrastructure markets.

Rogers is down 26.5% since the beginning of the year, and at $72.65 per share, it is trading 35.7% below its 52-week high of $113.01 from September 2024. Investors who bought $1,000 worth of Rogers’s shares 5 years ago would now be looking at an investment worth $597.60.

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