Imation Corp. (NYSE:IMN) Interim CEO Robert B. Fernander purchased 76,923 shares of company stock on Monday. This insider buying was officially published yesterday afternoon, and today the stock is reacting. It is up significantly after Fernander showed confidence in his company by investing nearly $100,000 into its stock. Does Fernander know something that we don’t, or is it just his confidence that is driving his buy?
The stock is up 12.31% or $0.16 following the news, hitting $1.46 per share. About 118,295 shares traded hands. IMN has declined 70.18% since May 13, 2015 and is downtrending. It has underperformed the S&P500 by 67.56%.
The institutional sentiment decreased to 1.19 in Q2 2015. It’s down 0.99, from 2.18 in 2015Q2. The ratio fall, as 10 funds sold all their Imation Corp. shares they owned while 21 reduced their positions. 6 funds bought stakes while 31 increased their total positions. Institutions now own 32.78 million shares which is 18.89% more than the previous share count of 27.57 million in 2015Q2.
Private Capital Management Llc holds 0.9% of its total portfolio in Imation Corp., equating to 3.57 million shares. Clinton Group Inc owns 1.69 million shares representing 0.34% of their total US portfolio. Moreover, Ariel Investments Llc has 0.17% of their total portfolio invested in the company, equating to 6.26 million shares. The Us-based Ancora Advisors Llc has a total of 0.11% of their portfolio invested in the stock. Td Capital Management Llc, a Tennessee-based fund reported 95,584 shares owned.
Imation Corp. is a data storage and security company. The company has a market cap of $49.58 million. The Firm operates in two business divisions: Tiered Storage and Security Solutions and Consumer Storage and Accessories (CSA). It currently has negative earnings. The Firm has four product categories: Storage and Security Solutions and Commercial Storage Media in its TSS business segment and Consumer Storage Media and Audio and Accessories in its CSA segment.