Sierra Summit Advisors LLC Takes $595,000 Position in Immersion Co. (NASDAQ:IMMR)

Sierra Summit Advisors LLC purchased a new position in shares of Immersion Co. (NASDAQ:IMMR) during the second quarter, Holdings Channel reports. The firm purchased 63,201 shares of the software maker’s stock, valued at approximately $595,000.

A number of other hedge funds have also recently added to or reduced their stakes in IMMR. CWM LLC lifted its position in shares of Immersion by 160.3% during the 2nd quarter. CWM LLC now owns 6,487 shares of the software maker’s stock valued at $61,000 after acquiring an additional 3,995 shares during the period. Lazard Asset Management LLC acquired a new stake in Immersion during the first quarter worth about $72,000. Caprock Group LLC acquired a new stake in Immersion during the second quarter worth about $107,000. EMC Capital Management bought a new position in Immersion in the 1st quarter valued at about $120,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Immersion in the 1st quarter valued at approximately $134,000. Institutional investors own 60.57% of the company’s stock.

Insider Activity at Immersion

In other news, CEO Eric Singer bought 50,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was purchased at an average cost of $8.77 per share, for a total transaction of $438,500.00. Following the completion of the transaction, the chief executive officer now owns 1,912,867 shares of the company’s stock, valued at $16,775,843.59. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other Immersion news, CEO Eric Singer bought 50,000 shares of Immersion stock in a transaction on Tuesday, August 27th. The shares were purchased at an average cost of $8.77 per share, with a total value of $438,500.00. Following the acquisition, the chief executive officer now directly owns 1,912,867 shares of the company’s stock, valued at approximately $16,775,843.59. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider William C. Martin purchased 15,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were acquired at an average cost of $8.81 per share, with a total value of $132,150.00. Following the purchase, the insider now directly owns 1,364,265 shares of the company’s stock, valued at approximately $12,019,174.65. The disclosure for this purchase can be found here. Insiders have bought a total of 66,155 shares of company stock valued at $580,675 in the last 90 days. 5.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. StockNews.com upgraded shares of Immersion from a “hold” rating to a “buy” rating in a research report on Thursday, August 29th. BWS Financial raised their target price on Immersion from $11.00 to $13.50 and gave the company a “buy” rating in a report on Monday, August 26th.

Immersion Stock Performance

Immersion stock opened at $9.28 on Monday. The stock has a market cap of $298.63 million, a PE ratio of 6.77 and a beta of 1.48. The company has a quick ratio of 0.72, a current ratio of 1.55 and a debt-to-equity ratio of 0.44. Immersion Co. has a 12-month low of $5.94 and a 12-month high of $13.94. The business’s 50-day moving average price is $10.53 and its two-hundred day moving average price is $9.18.

Immersion (NASDAQ:IMMR) last released its quarterly earnings data on Monday, August 19th. The software maker reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.55. The business had revenue of $99.42 million during the quarter, compared to analysts’ expectations of $7.29 million. Immersion had a net margin of 40.62% and a return on equity of 27.05%. As a group, analysts expect that Immersion Co. will post 1.96 earnings per share for the current fiscal year.

Immersion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Friday, October 4th will be paid a $0.045 dividend. This represents a $0.18 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Friday, October 4th. Immersion’s payout ratio is 13.14%.

About Immersion

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.