GameStop Corp. $GME Stock Position Reduced by Fifth Third Bancorp

Fifth Third Bancorp lessened its position in shares of GameStop Corp. (NYSE:GME) by 17.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,154 shares of the company’s stock after selling 1,073 shares during the period. Fifth Third Bancorp’s holdings in GameStop were worth $126,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. New York State Teachers Retirement System lifted its holdings in shares of GameStop by 10.7% in the 1st quarter. New York State Teachers Retirement System now owns 311,864 shares of the company’s stock worth $6,961,000 after purchasing an additional 30,200 shares during the last quarter. Exchange Traded Concepts LLC bought a new stake in shares of GameStop in the 1st quarter worth approximately $465,000. Virtu Financial LLC bought a new stake in shares of GameStop in the 1st quarter worth approximately $1,442,000. Bayforest Capital Ltd lifted its holdings in shares of GameStop by 654.6% in the 1st quarter. Bayforest Capital Ltd now owns 15,212 shares of the company’s stock worth $340,000 after purchasing an additional 13,196 shares during the last quarter. Finally, Triumph Capital Management lifted its holdings in shares of GameStop by 194.6% in the 2nd quarter. Triumph Capital Management now owns 35,155 shares of the company’s stock worth $857,000 after purchasing an additional 23,222 shares during the last quarter. Institutional investors own 29.21% of the company’s stock.

GameStop Stock Up 1.5%

Shares of GME stock opened at $27.68 on Thursday. GameStop Corp. has a 1 year low of $20.30 and a 1 year high of $35.81. The stock has a market cap of $12.39 billion, a PE ratio of 37.92 and a beta of -0.86. The business’s fifty day moving average is $23.84 and its 200-day moving average is $25.16. The company has a debt-to-equity ratio of 0.80, a quick ratio of 10.79 and a current ratio of 11.37.

Shares of GameStop are going to split on Friday, October 3rd. The 11-10 split was recently announced. The newly minted shares will be payable to shareholders after the closing bell on Thursday, October 2nd.

GameStop (NYSE:GME) last issued its earnings results on Tuesday, September 9th. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.06. The business had revenue of $972.20 million for the quarter, compared to analysts’ expectations of $823.25 million. GameStop had a return on equity of 7.72% and a net margin of 9.41%.The company’s quarterly revenue was up 21.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.04 EPS. Equities analysts expect that GameStop Corp. will post 0.08 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wedbush raised GameStop to a “strong sell” rating in a report on Tuesday, July 1st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell” and an average target price of $13.50.

Insider Activity

In related news, General Counsel Mark Haymond Robinson sold 11,055 shares of GameStop stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $24.18, for a total value of $267,309.90. Following the transaction, the general counsel directly owned 116,781 shares in the company, valued at $2,823,764.58. The trade was a 8.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders sold 11,915 shares of company stock valued at $286,849. Insiders own 8.58% of the company’s stock.

GameStop 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.