Victory Capital Management Inc. Reduces Stock Position in Immersion Corporation (NASDAQ:IMMR)

Key Points

• Victory Capital Management Inc. reduced its stake in Immersion Corporation by 9.9%, selling 37,273 shares and owning a total of 340,295 shares worth approximately $2.58 million after the transaction.
• A number of institutional investors increased their holdings in Immersion, with Millennium Management LLC expanding its stake by 128.3% during the fourth quarter.
• Immersion Corporation recently announced a quarterly dividend of $0.045 per share, with a dividend yield of 2.45%, to be paid to shareholders on August 8th.

Victory Capital Management Inc. reduced its holdings in shares of Immersion Corporation (NASDAQ:IMMR - Free Report) by 9.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 340,295 shares of the software maker's stock after selling 37,273 shares during the quarter. Victory Capital Management Inc. owned 1.05% of Immersion worth $2,579,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC raised its position in shares of Immersion by 128.3% in the fourth quarter. Millennium Management LLC now owns 794,767 shares of the software maker's stock valued at $6,938,000 after purchasing an additional 446,623 shares during the period. Cetera Investment Advisers increased its holdings in Immersion by 58.6% during the 4th quarter. Cetera Investment Advisers now owns 20,850 shares of the software maker's stock worth $182,000 after acquiring an additional 7,703 shares during the period. Northern Trust Corp increased its holdings in Immersion by 2.1% during the 4th quarter. Northern Trust Corp now owns 296,590 shares of the software maker's stock worth $2,589,000 after acquiring an additional 6,239 shares during the period. GAMMA Investing LLC increased its holdings in Immersion by 509.9% during the 1st quarter. GAMMA Investing LLC now owns 6,087 shares of the software maker's stock worth $460,000 after acquiring an additional 5,089 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in Immersion by 5.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,443 shares of the software maker's stock worth $284,000 after buying an additional 1,604 shares in the last quarter. 60.57% of the stock is currently owned by hedge funds and other institutional investors.

Immersion Trading Down 1.2%

Immersion stock traded down $0.09 during trading hours on Friday, reaching $6.89. The stock had a trading volume of 165,761 shares, compared to its average volume of 442,603. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.72 and a quick ratio of 1.04. Immersion Corporation has a 52 week low of $6.47 and a 52 week high of $11.67. The stock has a market cap of $223.07 million, a PE ratio of 2.48 and a beta of 1.41. The company has a fifty day simple moving average of $7.66 and a 200-day simple moving average of $7.73.

Immersion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Wednesday, July 23rd will be issued a $0.045 dividend. The ex-dividend date is Wednesday, July 23rd. This represents a $0.18 annualized dividend and a yield of 2.6%. Immersion's dividend payout ratio is 6.47%.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Immersion from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th.

Insider Buying and Selling

In other Immersion news, CFO J Michael Dodson sold 5,921 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $7.53, for a total value of $44,585.13. Following the completion of the transaction, the chief financial officer directly owned 39,132 shares in the company, valued at approximately $294,663.96. This represents a 13.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.50% of the company's stock.

Immersion Profile

Immersion Corporation, together with its subsidiaries, engages in the creation, design, development, and licensing of haptic technologies that allow people to use their sense of touch to engage with and experience various digital products in North America, Europe, and Asia. The company provides technology, patent, and combined licenses.