Inspire Investing LLC Purchases New Shares in Immersion Corporation $IMMR

Key Points

• Inspire Investing acquired 330,852 Immersion shares during the third quarter, worth approximately $2.39 million and representing a 1% stake. Institutional investors collectively own 60.57% of the company.
• Analysts maintain a consensus “Hold” rating with a $13.50 price target; one analyst rates the stock Buy while two rate it Hold.
• Immersion reported quarterly EPS of $0.17, beating estimates by $0.11, and declared a $0.075 quarterly dividend, equating to a 4.2% annualized yield.

Inspire Investing LLC purchased a new position in shares of Immersion Corporation (NASDAQ:IMMR - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 330,852 shares of the software maker's stock, valued at approximately $2,392,000. Inspire Investing LLC owned 1.00% of Immersion at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Immersion during the 2nd quarter worth $16,527,000. Bank of New York Mellon Corp acquired a new stake in shares of Immersion in the 2nd quarter worth $2,128,000. Kanen Wealth Management LLC lifted its stake in shares of Immersion by 51.0% in the 1st quarter. Kanen Wealth Management LLC now owns 709,000 shares of the software maker's stock worth $3,871,000 after acquiring an additional 239,318 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of Immersion by 34.4% in the second quarter. Squarepoint Ops LLC now owns 549,689 shares of the software maker's stock valued at $3,721,000 after acquiring an additional 140,741 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Immersion in the second quarter valued at about $763,000. 60.57% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Immersion from a "hold (c-)" rating to a "hold (c)" rating in a research note 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 reaffirmed a "buy" rating and issued a $13.50 price objective on shares of Immersion in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Immersion has a consensus rating of "Hold" and a consensus target price of $13.50.

Immersion Stock Performance

NASDAQ:IMMR opened at $7.12 on Monday. Immersion Corporation has a 1 year low of $5.25 and a 1 year high of $8.05. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.16 and a current ratio of 2.14. The stock has a fifty day moving average price of $7.38 and a two-hundred day moving average price of $6.87. The stock has a market capitalization of $236.46 million, a price-to-earnings ratio of 20.94 and a beta of 1.01.

Immersion (NASDAQ:IMMR - Get Free Report) last issued its earnings results on Monday, September 14th. The software maker reported $0.17 EPS for the quarter, topping the consensus estimate of $0.06 by $0.11. Immersion had a net margin of 0.60% and a return on equity of 1.83%. The company had revenue of $294.40 million for the quarter, compared to analyst estimates of $3.43 million. As a group, sell-side analysts anticipate that Immersion Corporation will post 0.26 earnings per share for the current fiscal year.

Immersion Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 16th will be issued a dividend of $0.0750 per share. The ex-dividend date of this dividend is Friday, October 16th. This represents a $0.30 dividend on an annualized basis and a yield of 4.2%. Immersion's payout ratio is currently 88.24%.

Insider Transactions at Immersion

In related news, CEO Eric Singer acquired 41,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 7th. The shares were purchased at an average price of $7.14 per share, with a total value of $292,740.00. Following the completion of the acquisition, the chief executive officer owned 2,230,664 shares in the company, valued at approximately $15,926,940.96. This represents a 1.87% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Toro 18 Holdings Llc sold 105,541 shares of the company's stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $4.63, for a total transaction of $488,654.83. Following the transaction, the insider owned 1,101,832 shares in the company, valued at $5,101,482.16. The trade was a 8.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 442,815 shares of company stock worth $2,201,304. 10.60% of the stock is owned by insiders.

About Immersion

Immersion Corporation NASDAQ: IMMR develops and licenses haptic technology, which enables electronic devices to communicate information through touch and vibration. Its technologies are designed to make digital interactions more intuitive and immersive by providing tactile feedback in response to user actions.

The company's products and intellectual property are used in a range of applications, including smartphones, gaming systems and controllers, automotive interfaces, consumer electronics, and other specialized devices.

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