Immersion (NASDAQ:IMMR) Stock: Insider Eric Singer Acquires 41,000 Shares

Immersion Corporation (NASDAQ:IMMR) CEO Eric Singer purchased 41,000 shares of Immersion stock in a transaction that occurred on Wednesday, October 7th. The stock was acquired at an average price of $7.14 per share, for a total transaction of $292,740.00. Following the transaction, the chief executive officer directly owned 2,230,664 shares of the company’s stock, valued at $15,926,940.96. The trade was a 1.87% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

Immersion Price Performance

IMMR stock opened at $7.43 on Friday. Immersion Corporation has a 52 week low of $5.25 and a 52 week high of $8.05. The firm has a market capitalization of $246.72 million, a P/E ratio of 21.85 and a beta of 1.01. The company has a fifty day simple moving average of $7.45 and a two-hundred day simple moving average of $6.77. The company has a quick ratio of 1.16, a current ratio of 2.14 and a debt-to-equity ratio of 0.22.

Immersion (NASDAQ:IMMR) last posted its earnings results on Monday, September 14th. The software maker reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.11. The firm had revenue of $294.40 million for the quarter, compared to the consensus estimate of $3.43 million. Immersion had a net margin of 0.60% and a return on equity of 1.83%. Analysts anticipate that Immersion Corporation will post 0.26 earnings per share for the current fiscal year.

Immersion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 16th will be paid a $0.0750 dividend. This represents a $0.30 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, October 16th. Immersion’s dividend payout ratio (DPR) is presently 88.24%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on IMMR shares. Weiss Ratings upgraded Immersion from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, September 16th. Wall Street Zen upgraded shares of Immersion from a “sell” rating to a “hold” rating in a research report on Tuesday, July 28th. Finally, BWS Financial reissued a “buy” rating and issued a $13.50 target price on shares of Immersion in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Immersion presently has a consensus rating of “Hold” and a consensus price target of $13.50.

Institutional Investors Weigh In On Immersion

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Immersion during the 2nd quarter valued at $16,527,000. Kanen Wealth Management LLC increased its stake in Immersion by 51.0% in the first quarter. Kanen Wealth Management LLC now owns 709,000 shares of the software maker’s stock worth $3,871,000 after purchasing an additional 239,318 shares during the period. Squarepoint Ops LLC lifted its position in shares of Immersion by 34.4% during the second quarter. Squarepoint Ops LLC now owns 549,689 shares of the software maker’s stock worth $3,721,000 after purchasing an additional 140,741 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Immersion during the second quarter valued at $2,128,000. Finally, Bank of America Corp DE bought a new position in shares of Immersion in the second quarter worth about $763,000. 60.57% of the stock is currently owned by hedge funds and other institutional investors.

About Immersion

Immersion Corporation is a technology company that develops and licenses haptic technologies, which enable electronic devices to provide tactile feedback such as vibrations, textures and other touch sensations. Its technologies are designed to make digital interactions more intuitive and immersive.

The company’s haptic solutions and intellectual property are used across a range of markets, including smartphones and other consumer electronics, gaming systems and controllers, automotive interfaces, medical equipment and industrial devices.