GameStop Corp. $GME Shares Sold by California Public Employees Retirement System

Key Points

• CalPERS cut its GameStop stake by 38.6% in the first quarter, selling 174,068 shares and retaining 276,902 shares valued at approximately $6.38 million. Institutional investors and hedge funds collectively own 29.21% of the company.
• GameStop insiders sold 18,125 shares worth about $406,587 over the past 90 days, while several smaller institutional investors increased their positions.
• GameStop recently beat quarterly expectations, reporting $0.30 in earnings per share versus the $0.16 consensus and revenue of $835.3 million, up 14% year over year. Despite some positive analyst revisions, the stock carries an overall “Hold” rating and opened at $21.17.

California Public Employees Retirement System trimmed its stake in shares of GameStop Corp. (NYSE:GME - Free Report) by 38.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 276,902 shares of the company's stock after selling 174,068 shares during the period. California Public Employees Retirement System owned 0.06% of GameStop worth $6,380,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its holdings in shares of GameStop by 308.9% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 969 shares of the company's stock valued at $26,000 after acquiring an additional 732 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of GameStop by 226.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,277 shares of the company's stock worth $31,000 after acquiring an additional 886 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of GameStop in the third quarter worth approximately $39,000. Los Angeles Capital Management LLC purchased a new stake in shares of GameStop during the fourth quarter worth approximately $39,000. Finally, Rockefeller Capital Management L.P. increased its position in shares of GameStop by 805.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,264 shares of the company's stock worth $45,000 after purchasing an additional 2,014 shares in the last quarter. Institutional investors and hedge funds own 29.21% of the company's stock.

Insiders Place Their Bets

In other news, General Counsel Mark Haymond Robinson sold 3,957 shares of GameStop stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.62, for a total transaction of $89,507.34. Following the transaction, the general counsel owned 104,190 shares in the company, valued at $2,356,777.80. The trade was a 3.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Daniel William Moore sold 7,085 shares of the business's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $22.38, for a total transaction of $158,562.30. Following the transaction, the insider directly owned 115,125 shares in the company, valued at approximately $2,576,497.50. The trade was a 5.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 18,125 shares of company stock valued at $406,587 over the last ninety days. Corporate insiders own 9.50% of the company's stock.

GameStop Trading Up 0.0%

Shares of GameStop stock opened at $21.17 on Monday. The stock has a market cap of $9.50 billion, a P/E ratio of 16.04 and a beta of 1.76. The stock's 50 day simple moving average is $21.87 and its 200-day simple moving average is $22.91. GameStop Corp. has a 1-year low of $19.93 and a 1-year high of $28.10. The company has a debt-to-equity ratio of 0.71, a current ratio of 12.40 and a quick ratio of 11.91.

GameStop (NYSE:GME - Get Free Report) last posted its quarterly earnings results on Tuesday, June 2nd. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.16 by $0.14. The firm had revenue of $835.30 million during the quarter, compared to analysts' expectations of $766.63 million. GameStop had a return on equity of 13.75% and a net margin of 20.45%.The business's revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.17 earnings per share.

Wall Street Analysts Forecast Growth

GME has been the topic of a number of research reports. Weiss Ratings upgraded GameStop from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 1st. Wall Street Zen raised shares of GameStop from a "hold" rating to a "buy" rating in a report on Sunday, June 14th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of "Hold".

GameStop Company Profile

GameStop Corp. NYSE: GME is a global specialty retailer focused on video games, gaming consoles, consumer electronics and related accessories. The company operates a network of physical retail stores alongside an e-commerce platform, offering new and pre-owned products spanning the latest game software, hardware, collectibles and lifestyle merchandise. GameStop's retail footprint is complemented by digital marketplaces for trade-ins and online purchases, as well as a membership program that provides exclusive content and rewards.

Originally founded in 1984 as Babbage's in Dallas, Texas, the company adopted the GameStop name in 1999 following its merger with Software Etc.

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