Bank of New York Mellon Corp Buys Shares of 314,329 Immersion Corporation $IMMR

Key Points

• Bank of New York Mellon acquired 314,329 Immersion shares worth approximately $2.13 million, giving it a 0.95% stake. Institutional investors and hedge funds collectively own 60.57% of the company.
• Immersion reported quarterly EPS of $0.12, exceeding the $0.05 consensus estimate, while revenue reached $270 million versus expectations of $230 million. The stock opened at $7.71, near its 12-month high of $8.05.
• The company pays a quarterly dividend of $0.075, equivalent to a 3.9% annualized yield, though its 214.29% payout ratio is elevated. Analysts maintain a consensus “Hold” rating with an average price target of $13.50, while insiders sold 312,815 shares over the past three months.

Bank of New York Mellon Corp bought a new stake in Immersion Corporation (NASDAQ:IMMR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 314,329 shares of the software maker's stock, valued at approximately $2,128,000. Bank of New York Mellon Corp owned approximately 0.95% of Immersion as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Strs Ohio acquired a new position in Immersion during the first quarter valued at $27,000. Russell Investments Group Ltd. increased its holdings in shares of Immersion by 85.5% in 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 period. Optiver Holding B.V. increased its holdings in shares of Immersion by 1,681.2% in the 1st quarter. Optiver Holding B.V. now owns 7,855 shares of the software maker's stock valued at $43,000 after purchasing an additional 7,414 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Immersion by 677.7% in the second quarter. Tower Research Capital LLC TRC now owns 7,738 shares of the software maker's stock worth $61,000 after purchasing an additional 6,743 shares in the last quarter. Finally, State of Wyoming purchased a new stake in shares of Immersion in the second quarter worth approximately $75,000. Institutional investors and hedge funds own 60.57% of the company's stock.

Insider Transactions at Immersion

In other Immersion news, insider Toro 18 Holdings Llc sold 42,019 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $4.61, for a total transaction of $193,707.59. Following the transaction, the insider owned 1,235,732 shares in the company, valued at $5,696,724.52. This trade represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 312,815 shares of company stock worth $1,598,671 over the last three months. 10.60% of the stock is owned by corporate insiders.

Immersion Price Performance

NASDAQ IMMR opened at $7.71 on Tuesday. 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 stock has a market capitalization of $255.89 million, a PE ratio of 55.07 and a beta of 1.02. Immersion Corporation has a 12-month low of $5.25 and a 12-month high of $8.05. The company has a 50 day moving average price of $7.23 and a two-hundred day moving average price of $6.57.

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

Immersion Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Monday, July 20th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 3.9%. The ex-dividend date was Monday, July 20th. Immersion's payout ratio is 214.29%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on IMMR shares. Wall Street Zen raised shares of Immersion from a "sell" rating to a "hold" rating in a research report on Tuesday, July 28th. BWS Financial reiterated a "buy" rating and issued a $13.50 target price on shares of Immersion in a research report on Tuesday, July 28th. Finally, Weiss Ratings lowered shares of Immersion from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Immersion currently has a consensus rating of "Hold" and an average 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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