Activist Starboard Builds New Stakes in ACI Worldwide, Resideo

(Bloomberg) -- Activist investor Starboard Value built new positions in payments processor ACI Worldwide Inc. and Resideo Technologies Inc. during the first quarter.

The New York hedge fund said in a regulatory filing that it owned 1.2% of ACI Worldwide and a 2.1% stake in Resideo as of March 31. Starboard also said it exited its position casino operator MGM Resorts International during the fist quarter.

Shares in both ACI and Resideo have fallen dramatically this year. ACI is down 36% while Resideo has dropped 54%. Starboard didn’t disclose its intentions for the investments in the filing Friday.

In February, ACI appointed former Advent International executive Odilon Almeida as its new chief executive officer

Starboard has been one of the most aggressive activist investors during the Covid-19 pandemic. This year it has pushed for changes at several companies, including CommVault Systems Inc., GCP Applied Technologies Inc., Mednax Inc., Merit Medical Systems Inc. and EBay Inc.

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