Magnetar Financial LLC Acquires New Position in Immersion Co. (NASDAQ:IMMR)

Magnetar Financial LLC bought a new position in shares of Immersion Co. (NASDAQ:IMMR) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 12,032 shares of the software maker’s stock, valued at approximately $113,000.

A number of other large investors have also recently modified their holdings of the business. Acadian Asset Management LLC bought a new stake in shares of Immersion during the 2nd quarter valued at approximately $3,375,000. GSA Capital Partners LLP bought a new position in Immersion in the 1st quarter valued at approximately $1,285,000. ClariVest Asset Management LLC acquired a new stake in Immersion in the second quarter valued at approximately $1,571,000. Renaissance Technologies LLC grew its stake in shares of Immersion by 43.3% during the second quarter. Renaissance Technologies LLC now owns 498,213 shares of the software maker’s stock worth $4,688,000 after buying an additional 150,513 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in shares of Immersion by 151.3% during the second quarter. Los Angeles Capital Management LLC now owns 209,675 shares of the software maker’s stock worth $1,973,000 after buying an additional 126,247 shares in the last quarter. Institutional investors and hedge funds own 60.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. BWS Financial raised their price objective on Immersion from $11.00 to $13.50 and gave the company a “buy” rating in a report on Monday, August 26th. StockNews.com raised Immersion from a “hold” rating to a “buy” rating in a research note on Thursday, August 29th.

Immersion Trading Up 2.2 %

Shares of NASDAQ IMMR opened at $8.68 on Friday. The stock has a market cap of $276.50 million, a P/E ratio of 6.34 and a beta of 1.48. The firm has a 50 day moving average price of $10.10 and a two-hundred day moving average price of $9.27. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.72 and a current ratio of 1.55. Immersion Co. has a 52-week low of $5.94 and a 52-week high of $13.94.

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

Immersion Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Friday, October 4th will be given a dividend of $0.045 per share. This represents a $0.18 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend is Friday, October 4th. Immersion’s dividend payout ratio is presently 13.14%.

Insiders Place Their Bets

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

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.