A filing with the Securities and Exchange Commission revealed today that Starboard Value has increased its stake in Brink’s. After the first reports of the activist firm’s movement on the stock, shares climbed as much as 4.3% to $29.62 per share.

Brink's Company Starboard Value

Starboard dives further into Brink’s

Starboard had already been the largest shareholder of Brink’s as of July 28 when it had an 8.9% stake in the security company. The firm said in a filing that it has raised its stake to 12.4% and that it intends to try to push for change there.

In a press release, Starboard said it sent a letter to Brink’s board, saying that “a strategic combination with another global cash logistics company” could help turn around the company’s continuing underperformance.

Starboard pushes for improved performance

The firm said that a number of Brink’s rivals had been able to improve their logistics and technology while also cutting costs. The result was higher profitability and better customer service. The competitors that were named include Loomis, G4S and Dunbar Armored.

Starboard also advised that the security company could institute a compensation structure that is “more incentive-based” to improve the results of its branches and field-level employees. The firm also wants to see management focus on non-value-driving costs like corporate aircraft and having more than one headquarters in the U.S.

Starboard also focuses on Advance Auto Parts

Just last week, Starboard Value said it was targeting Advance Auto Parts, so today’s news about Brink’s marks the second announcement of a new activist target from the firm in less than a week. Starboard’s investment into Brink’s is further along than the investment in Advance Auto Parts is, as the latter’s stake is a minority stake of 3.7%.

Starboard has a history of pushing for change, especially cost-cutting measures, at companies it feels are underperforming in the areas of profits. In the case of Advance Auto Parts, the firm said its operating margins are 800 to 900 basis points below the operating margins of its competitors AutoZone and O’Reilly Automotive. Starboard has offered a number of suggestions to help Advance Auto Parts close that gap.