2,441,162 Shares in Immersion Corporation $IMMR Bought by BlackRock Inc.

Key Points

• BlackRock purchased 2.44 million Immersion shares worth approximately $16.5 million, giving it a 7.36% stake. Institutional investors collectively own 60.57% of the company.
• Immersion reported quarterly EPS of $0.12, beating estimates of $0.05, while revenue reached $270 million versus expectations of $230 million. The company also pays a quarterly dividend of $0.075 per share, representing a 4.0% annualized yield.
• Shares opened at $7.56, within their 52-week range of $5.25 to $8.05. Analysts maintain a consensus “Hold” rating with a $13.50 price target, while insiders have sold shares over the past 90 days.

BlackRock Inc. purchased a new stake in shares of Immersion Corporation (NASDAQ:IMMR - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,441,162 shares of the software maker's stock, valued at approximately $16,527,000. BlackRock Inc. owned about 7.36% of Immersion as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in IMMR. First Trust Advisors LP grew its stake in shares of Immersion by 2.1% in the first quarter. First Trust Advisors LP now owns 87,899 shares of the software maker's stock worth $480,000 after purchasing an additional 1,819 shares during the last quarter. Russell Investments Group Ltd. raised its position in Immersion by 85.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,429 shares of the software maker's stock valued at $33,000 after purchasing an additional 2,041 shares during the last quarter. Bridgeway Capital Management LLC lifted its holdings in Immersion by 5.9% in the 3rd quarter. Bridgeway Capital Management LLC now owns 44,800 shares of the software maker's stock worth $329,000 after buying an additional 2,500 shares during the period. Invesco Ltd. lifted its holdings in Immersion by 16.2% in the 2nd quarter. Invesco Ltd. now owns 20,682 shares of the software maker's stock worth $163,000 after buying an additional 2,886 shares during the period. Finally, Strs Ohio purchased a new stake in Immersion in the 1st quarter worth approximately $27,000. Hedge funds and other institutional investors own 60.57% of the company's stock.

Immersion Price Performance

Shares of IMMR opened at $7.56 on Friday. The company has a market capitalization of $250.92 million, a P/E ratio of 54.00 and a beta of 1.02. The company has a quick ratio of 1.19, a current ratio of 2.30 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $7.20 and a 200 day moving average of $6.55. Immersion Corporation has a twelve month low of $5.25 and a twelve month high of $8.05.

Immersion (NASDAQ:IMMR - Get Free Report) last released its quarterly earnings data on Friday, July 24th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.07. Immersion had a return on equity of 0.80% and a net margin of 0.26%.The business had revenue of $270.00 million for the quarter, compared to analysts' expectations of $230.00 million. As a group, equities research analysts anticipate that Immersion Corporation will post 0.26 earnings per share for the current fiscal year.

Immersion Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Monday, July 20th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Monday, July 20th. Immersion's dividend payout ratio is presently 214.29%.

Insider Activity at Immersion

In related news, major shareholder Toro 18 Holdings Llc sold 8,300 shares of Immersion stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $4.83, for a total value of $40,089.00. Following the completion of the sale, the insider directly owned 1,277,751 shares in the company, valued at approximately $6,171,537.33. This trade represents a 0.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 266,896 shares of company stock worth $1,387,218 over the last 90 days. Company insiders own 12.00% of the company's stock.

Wall Street Analyst Weigh In

IMMR has been the topic of a number of research reports. Zacks Research raised shares of Immersion to a "hold" rating in a research note on Friday, May 8th. Weiss Ratings downgraded shares of Immersion from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. BWS Financial restated a "buy" rating and issued a $13.50 price objective on shares of Immersion in a report on Tuesday, July 28th. Finally, Wall Street Zen raised Immersion from a "sell" rating to a "hold" rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Immersion has a consensus rating of "Hold" and a consensus price target of $13.50.

Immersion Profile

Immersion Corporation is a technology company specializing in the development and licensing of haptic feedback solutions. The company's proprietary software and hardware technologies enable devices to simulate the sense of touch, enhancing user experiences across a range of electronic products. Immersion's core offerings include touch-feedback algorithms, software development kits, and reference designs that can be integrated into smartphones, gaming controllers, wearable devices, automotive infotainment systems, medical simulators and virtual or augmented reality platforms.

Since its founding in 1993, Immersion has built an extensive intellectual property portfolio of more than 950 issued patents worldwide.

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