Kanen Wealth Management LLC Grows Holdings in Immersion Corporation $IMMR

Key Points

• Kanen Wealth Management increased its Immersion stake by 51% in the first quarter, bringing its holdings to 709,000 shares valued at about $3.87 million. 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 the $230 million consensus estimate.
• The company announced a quarterly dividend of $0.075 per share, equivalent to a 3.9% annualized yield. Analysts maintain a consensus “Hold” rating, with an average price target of $13.50 versus the stock’s reported $7.66 price.

Kanen Wealth Management LLC lifted its stake in shares of Immersion Corporation (NASDAQ:IMMR - Free Report) by 51.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 709,000 shares of the software maker's stock after acquiring an additional 239,318 shares during the period. Immersion makes up 1.4% of Kanen Wealth Management LLC's investment portfolio, making the stock its 19th biggest position. Kanen Wealth Management LLC owned about 2.14% of Immersion worth $3,871,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Millennium Management LLC boosted its holdings in shares of Immersion by 121.5% in the 3rd quarter. Millennium Management LLC now owns 536,733 shares of the software maker's stock worth $3,940,000 after purchasing an additional 294,393 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in shares of Immersion by 20.5% during the second quarter. Qube Research & Technologies Ltd now owns 501,563 shares of the software maker's stock worth $3,952,000 after acquiring an additional 85,196 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Immersion by 5.6% in the 4th quarter. Squarepoint Ops LLC now owns 299,224 shares of the software maker's stock worth $2,035,000 after acquiring an additional 15,993 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Immersion by 5.9% in the 1st quarter. Bank of New York Mellon Corp now owns 296,024 shares of the software maker's stock valued at $1,616,000 after purchasing an additional 16,571 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Immersion by 35.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 293,703 shares of the software maker's stock valued at $2,155,000 after purchasing an additional 76,390 shares during the last quarter. Hedge funds and other institutional investors own 60.57% of the company's stock.

Immersion Stock Down 1.0%

NASDAQ:IMMR opened at $7.66 on Wednesday. The firm has a market capitalization of $254.24 million, a P/E ratio of 54.71 and a beta of 1.02. The company has a fifty day moving average of $6.63 and a 200 day moving average of $6.36. Immersion Corporation has a 52 week low of $5.25 and a 52 week high of $8.05.

Immersion (NASDAQ:IMMR - Get Free Report) last announced its quarterly earnings results on Friday, July 24th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.07. The firm had revenue of $270.00 million during the quarter, compared to the consensus estimate of $230.00 million. As a group, analysts anticipate that Immersion Corporation will post 0.26 EPS for the current year.

Immersion Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, July 20th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 3.9%. Immersion's payout ratio is presently 214.29%.

Analysts Set New Price Targets

Several analysts have issued reports on IMMR shares. Weiss Ratings lowered shares of Immersion from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, May 8th. Zacks Research raised Immersion to a "hold" rating in a research note on Friday, May 8th. Wall Street Zen upgraded Immersion from a "sell" rating to a "hold" rating in a report on Tuesday. Finally, BWS Financial restated a "buy" rating and set a $13.50 price target on shares of Immersion in a research report on Tuesday. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $13.50.

About Immersion

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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