Fifth Third Bancorp Purchases 579 Shares of GameStop Corp. (NYSE:GME)

Fifth Third Bancorp boosted its position in shares of GameStop Corp. (NYSE:GME) by 10.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,227 shares of the company’s stock after purchasing an additional 579 shares during the period. Fifth Third Bancorp’s holdings in GameStop were worth $139,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in GME. Charles Schwab Investment Management Inc. boosted its position in GameStop by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,610,264 shares of the company’s stock valued at $113,146,000 after buying an additional 107,354 shares during the period. Bank of New York Mellon Corp lifted its position in shares of GameStop by 2.4% in the 4th quarter. Bank of New York Mellon Corp now owns 2,565,455 shares of the company’s stock worth $80,401,000 after purchasing an additional 60,673 shares during the period. Swiss National Bank lifted its position in shares of GameStop by 5.5% in the 4th quarter. Swiss National Bank now owns 834,228 shares of the company’s stock worth $26,145,000 after purchasing an additional 43,700 shares during the period. Slate Path Capital LP purchased a new stake in shares of GameStop in the 4th quarter worth approximately $60,361,000. Finally, Handelsbanken Fonder AB lifted its position in shares of GameStop by 37.4% in the 4th quarter. Handelsbanken Fonder AB now owns 109,900 shares of the company’s stock worth $3,444,000 after purchasing an additional 29,900 shares during the period. 29.21% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GME has been the subject of a number of analyst reports. Wall Street Zen raised shares of GameStop from a “sell” rating to a “hold” rating in a research report on Thursday, March 27th. Wedbush restated an “underperform” rating and set a $13.50 price target on shares of GameStop in a research note on Wednesday, June 11th.

GameStop Trading Up 1.9%

Shares of GameStop stock opened at $23.44 on Friday. The company has a current ratio of 8.39, a quick ratio of 7.89 and a debt-to-equity ratio of 0.30. GameStop Corp. has a 12-month low of $18.73 and a 12-month high of $35.81. The firm has a market capitalization of $10.48 billion, a price-to-earnings ratio of 50.95 and a beta of -0.69. The firm’s 50 day simple moving average is $27.84 and its two-hundred day simple moving average is $27.18.

GameStop (NYSE:GME) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.13. The firm had revenue of $732.40 million for the quarter, compared to analyst estimates of $754.23 million. GameStop had a net margin of 5.67% and a return on equity of 5.25%. The business’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.12) earnings per share. Analysts predict that GameStop Corp. will post 0.08 EPS for the current year.

Insider Transactions at GameStop

In other news, CEO Ryan Cohen purchased 500,000 shares of the company’s stock in a transaction that occurred on Thursday, April 3rd. The shares were bought at an average price of $21.55 per share, for a total transaction of $10,775,000.00. Following the completion of the transaction, the chief executive officer now owns 37,347,842 shares in the company, valued at $804,845,995.10. This represents a 1.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Alain Attal purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, April 10th. The shares were purchased at an average price of $25.75 per share, for a total transaction of $257,500.00. Following the transaction, the director now owns 572,464 shares of the company’s stock, valued at $14,740,948. This trade represents a 1.78% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 515,000 shares of company stock worth $11,140,200 over the last 90 days. 12.28% of the stock is currently owned by company insiders.

GameStop Company Profile

GameStop Corp., a specialty retailer, provides games and entertainment products through its stores and ecommerce platforms in the United States, Canada, Australia, and Europe. The company sells new and pre-owned gaming platforms; accessories, such as controllers, gaming headsets, and virtual reality products; new and pre-owned gaming software; and in-game digital currency, digital downloadable content, and full-game downloads.