Insider Selling: Immersion (NASDAQ:IMMR) Major Shareholder Sells 15,000 Shares

Key Points

• Toro 18 Holdings sold 15,000 Immersion shares at an average price of $4.95 for $74,250, reducing its ownership by 1.15% to 1,286,051 shares. The major shareholder also sold 251,896 shares in other transactions earlier in August.
• Immersion shares traded at $7.59, near the upper end of their $5.25–$8.05 12-month range. The company recently beat quarterly earnings and revenue expectations, reporting $0.12 in EPS and $270 million in revenue.
• The company pays a quarterly dividend of $0.075 per share, equivalent to a 4.0% annualized yield, while analysts maintain a consensus “Hold” rating and a $13.50 average price target.

Immersion Corporation (NASDAQ:IMMR - Get Free Report) major shareholder Toro 18 Holdings Llc sold 15,000 shares of the firm's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $4.95, for a total transaction of $74,250.00. Following the transaction, the insider directly owned 1,286,051 shares in the company, valued at $6,365,952.45. The trade was a 1.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, August 19th, Toro 18 Holdings Llc sold 8,300 shares of Immersion stock. The stock was sold at an average price of $4.83, for a total value of $40,089.00.
• 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 Price Performance

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

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

Immersion Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Monday, July 20th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $0.30 annualized dividend and a yield of 4.0%. Immersion's dividend payout ratio (DPR) is presently 214.29%.

Analysts Set New Price Targets

A number of research firms recently commented on IMMR. BWS Financial reaffirmed a "buy" rating and set a $13.50 price objective on shares of Immersion in a research note on Tuesday, July 28th. Zacks Research raised shares of Immersion to a "hold" rating in a research note on Friday, May 8th. Weiss Ratings downgraded Immersion from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Finally, Wall Street Zen raised Immersion from a "sell" rating to a "hold" rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $13.50.

Hedge Funds Weigh In On Immersion

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Strs Ohio bought a new position in shares of Immersion during the first quarter valued at approximately $27,000. Caitlin John LLC bought a new stake in shares of Immersion in the 2nd quarter worth approximately $27,000. Russell Investments Group Ltd. boosted its position in Immersion by 85.5% during 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. Persistent Asset Partners Ltd bought a new position in Immersion during the 2nd quarter worth $41,000. Finally, Optiver Holding B.V. increased its position in Immersion by 1,681.2% in the first quarter. Optiver Holding B.V. now owns 7,855 shares of the software maker's stock worth $43,000 after buying an additional 7,414 shares during the period. 60.57% of the stock is currently owned by institutional investors and hedge funds.

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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