Bank of New York Mellon Corp Grows Stock Position in Immersion Co. (NASDAQ:IMMR)

Bank of New York Mellon Corp lifted its stake in shares of Immersion Co. (NASDAQ:IMMR) by 16.8% in the fourth quarter, HoldingsChannel reports. The fund owned 358,240 shares of the software maker’s stock after acquiring an additional 51,655 shares during the period. Bank of New York Mellon Corp’s holdings in Immersion were worth $3,127,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Quantbot Technologies LP bought a new position in shares of Immersion during the 3rd quarter valued at approximately $78,000. Hennessy Advisors Inc. purchased a new stake in Immersion in the fourth quarter worth $128,000. FMR LLC increased its stake in shares of Immersion by 518.2% during the third quarter. FMR LLC now owns 19,481 shares of the software maker’s stock valued at $174,000 after buying an additional 16,330 shares during the period. Banque Cantonale Vaudoise increased its stake in shares of Immersion by 92.1% during the third quarter. Banque Cantonale Vaudoise now owns 22,042 shares of the software maker’s stock valued at $197,000 after buying an additional 10,569 shares during the period. Finally, Silverleafe Capital Partners LLC purchased a new position in shares of Immersion during the fourth quarter valued at $211,000. 60.57% of the stock is currently owned by institutional investors.

Immersion Stock Up 0.7 %

Shares of NASDAQ:IMMR opened at $7.63 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.65 and a debt-to-equity ratio of 0.37. The business has a fifty day moving average of $8.25 and a two-hundred day moving average of $8.58. The stock has a market cap of $247.18 million, a P/E ratio of 2.73 and a beta of 1.55. Immersion Co. has a 52-week low of $7.06 and a 52-week high of $13.94.

Immersion (NASDAQ:IMMR) last released its quarterly earnings results on Wednesday, March 12th. The software maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.33. Immersion had a return on equity of 28.08% and a net margin of 11.79%. The business had revenue of $474.76 million during the quarter, compared to analysts’ expectations of $9.45 million. On average, research analysts expect that Immersion Co. will post 1.57 earnings per share for the current year.

Immersion Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Monday, April 14th will be given a $0.045 dividend. This represents a $0.18 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Monday, April 14th. Immersion’s dividend payout ratio is currently 6.47%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IMMR. BWS Financial reaffirmed a “buy” rating and set a $13.50 price objective on shares of Immersion in a research report on Thursday, March 13th. Craig Hallum reduced their price objective on Immersion from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, March 13th.

Insider Transactions at Immersion

In other news, Director Toro 18 Holdings Llc purchased 59,146 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $8.49 per share, for a total transaction of $502,149.54. Following the purchase, the director now directly owns 11,065,848 shares of the company’s stock, valued at $93,949,049.52. This represents a 0.54 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.50% of the company’s stock.

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.