Sierra Summit Advisors LLC Purchases Shares of 63,201 Immersion Co. (NASDAQ:IMMR)

Sierra Summit Advisors LLC acquired a new position in shares of Immersion Co. (NASDAQ:IMMR) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 63,201 shares of the software maker’s stock, valued at approximately $595,000. Sierra Summit Advisors LLC owned 0.20% of Immersion at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in Immersion by 4.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 29,120 shares of the software maker’s stock worth $218,000 after acquiring an additional 1,140 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Immersion by 2.7% in the second quarter. Rhumbline Advisers now owns 50,670 shares of the software maker’s stock worth $477,000 after purchasing an additional 1,322 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in Immersion by 1.5% during the second quarter. SummerHaven Investment Management LLC now owns 104,805 shares of the software maker’s stock worth $986,000 after purchasing an additional 1,512 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its position in Immersion by 1.7% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 104,834 shares of the software maker’s stock valued at $740,000 after purchasing an additional 1,757 shares in the last quarter. Finally, Gallacher Capital Management LLC increased its stake in Immersion by 4.1% in the 1st quarter. Gallacher Capital Management LLC now owns 61,941 shares of the software maker’s stock valued at $463,000 after buying an additional 2,460 shares during the last quarter. 60.57% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IMMR. 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 upgraded Immersion from a “hold” rating to a “buy” rating in a research note on Thursday, August 29th.

Insider Buying and Selling

In other Immersion news, insider William C. Martin purchased 15,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was acquired at an average price of $8.81 per share, with a total value of $132,150.00. Following the acquisition, the insider now directly owns 1,364,265 shares of the company’s stock, valued at approximately $12,019,174.65. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Eric Singer bought 50,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were bought at an average price 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 in the company, valued at $16,775,843.59. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William C. Martin purchased 15,000 shares of Immersion stock in a transaction that occurred on Tuesday, August 27th. The stock was purchased at an average price of $8.81 per share, with a total value of $132,150.00. Following the completion of the purchase, the insider now directly owns 1,364,265 shares in the company, valued at $12,019,174.65. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 66,155 shares of company stock valued at $580,675. 5.50% of the stock is owned by insiders.

Immersion Stock Performance

NASDAQ IMMR opened at $9.28 on Monday. The firm has a market capitalization of $298.63 million, a P/E ratio of 6.77 and a beta of 1.48. The company has a current ratio of 1.55, a quick ratio of 0.72 and a debt-to-equity ratio of 0.44. The firm’s fifty day moving average price is $10.53 and its two-hundred day moving average price is $9.18. Immersion Co. has a 1 year low of $5.94 and a 1 year high of $13.94.

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

Immersion Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Friday, October 4th will be paid a dividend of $0.045 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.18 annualized dividend and a dividend yield of 1.94%. Immersion’s dividend payout ratio is currently 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.