Activist investor Starboard Value has recently taken new stakes in consumer stocks Lamb Weston and Carmax, with each position valued at around $258 million. While both stocks gained in the first quarter, their year-to-date performance differs, with Lamb Weston up over 5% and Carmax down over 4%.
The hedge fund also boosted its stake in Bitcoin mining firm Riot Platforms by 22%, reflecting a broader strategy in its top holdings.
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Activist investor Starboard Value has initiated new positions in two consumer stocks, Lamb Weston and Carmax, according to a recent regulatory filing. The hedge fund reported acquiring stakes in the food processing company Lamb Weston and the used auto retailer Carmax during the quarter ending March 31. Both of these new investments are valued at approximately $258 million.
During the first quarter, both companies saw their stock prices increase. Lamb Weston's stock rose by nearly 2%, while Carmax experienced a jump of over 7%. However, their year-to-date performance presents a contrasting picture. While Lamb Weston has gained more than 5% in the current year, Carmax has seen its stock price decline by over 4%.
These new positions place Lamb Weston and Carmax as the eighth and ninth largest holdings in Starboard's portfolio, respectively. The hedge fund also increased its stake in Riot Platforms, a company focused on Bitcoin mining and digital infrastructure, by 22%. This increased position is now valued at roughly $192 million. Although Riot Platforms' stock decreased by more than 2% in the last quarter, it has surged over 85% year-to-date.
