Immersion (NASDAQ:IMMR) Major Shareholder Sells 8,300 Shares of Stock

Key Points

• Major shareholder Toro 18 Holdings sold 8,300 Immersion shares at an average price of $4.83, reducing its stake by 0.65% to 1.28 million shares. The sale followed additional disposals of 15,000, 43,596, and 200,000 shares earlier in August.
• Immersion shares rose 0.8% to $7.59, within a 52-week range of $5.25 to $8.05. The company recently exceeded quarterly earnings expectations, reporting $0.12 EPS versus a $0.05 consensus and revenue of $270 million versus $230 million expected.
• The company maintains a quarterly dividend of $0.075, equivalent to a 4.0% annualized yield, while analysts have a consensus “Hold” rating and an average price target of $13.50.

Immersion Corporation (NASDAQ:IMMR - Get Free Report) major shareholder Toro 18 Holdings Llc sold 8,300 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $4.83, for a total value of $40,089.00. Following the completion of the transaction, the insider directly owned 1,277,751 shares in the company, valued at $6,171,537.33. This trade represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Toro 18 Holdings Llc also recently made the following trade(s):

• On Tuesday, August 18th, Toro 18 Holdings Llc sold 15,000 shares of Immersion stock. The stock was sold at an average price of $4.95, for a total value of $74,250.00.
• On Monday, August 17th, Toro 18 Holdings Llc sold 43,596 shares of Immersion stock. The stock was sold at an average price of $5.25, for a total value of $228,879.00.
• On Monday, August 10th, Toro 18 Holdings Llc sold 200,000 shares of Immersion stock. The shares were sold at an average price of $5.22, for a total value of $1,044,000.00.

Immersion Stock Up 0.8%

Shares of NASDAQ:IMMR traded up $0.06 during mid-day trading on Wednesday, hitting $7.59. 408,348 shares of the company traded hands, compared to its average volume of 708,495. The firm has a market cap of $251.91 million, a P/E ratio of 54.21 and a beta of 1.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 2.30. Immersion Corporation has a 52-week low of $5.25 and a 52-week high of $8.05. The firm's 50 day simple moving average is $6.97 and its 200 day simple moving average is $6.47.

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

Immersion Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Monday, July 20th were paid a $0.075 dividend. The ex-dividend date was Monday, July 20th. This represents a $0.30 annualized dividend and a dividend yield of 4.0%. Immersion's dividend payout ratio is 214.29%.

Hedge Funds Weigh In On Immersion

Several large investors have recently modified their holdings of the stock. Kanen Wealth Management LLC boosted its holdings in Immersion by 51.0% in the first quarter. Kanen Wealth Management LLC now owns 709,000 shares of the software maker's stock worth $3,871,000 after purchasing an additional 239,318 shares during the period. Rangeley Capital LLC acquired a new stake in shares of Immersion during the first quarter worth $410,000. Bank of New York Mellon Corp lifted its position 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 worth $1,616,000 after buying an additional 16,571 shares during the last quarter. Strs Ohio acquired a new position in shares of Immersion in the 1st quarter valued at about $27,000. Finally, IMC Chicago LLC grew its position in shares of Immersion by 70.7% during the 4th quarter. IMC Chicago LLC now owns 68,122 shares of the software maker's stock valued at $463,000 after buying an additional 28,206 shares during the last quarter. Institutional investors own 60.57% of the company's stock.

Analyst Ratings Changes

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