Bank of New York Mellon Corp Sells 46,142 Shares of GameStop Corp. (NYSE:GME)

Bank of New York Mellon Corp lessened its holdings in GameStop Corp. (NYSE:GME - Free Report) by 1.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,519,313 shares of the company's stock after selling 46,142 shares during the period. Bank of New York Mellon Corp owned about 0.56% of GameStop worth $56,231,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GME. Principal Financial Group Inc. lifted its holdings in GameStop by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 934,730 shares of the company's stock worth $20,863,000 after buying an additional 3,965 shares in the last quarter. Teacher Retirement System of Texas lifted its stake in shares of GameStop by 169.3% in the first quarter. Teacher Retirement System of Texas now owns 62,897 shares of the company's stock worth $1,404,000 after acquiring an additional 39,541 shares in the last quarter. Vontobel Holding Ltd. purchased a new position in GameStop in the first quarter valued at about $227,000. New York State Teachers Retirement System boosted its holdings in GameStop by 10.7% in the first quarter. New York State Teachers Retirement System now owns 311,864 shares of the company's stock valued at $6,961,000 after purchasing an additional 30,200 shares during the last quarter. Finally, KBC Group NV increased its holdings in GameStop by 5.9% during the 1st quarter. KBC Group NV now owns 18,630 shares of the company's stock worth $416,000 after purchasing an additional 1,034 shares during the last quarter. Institutional investors and hedge funds own 29.21% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on GME shares. Wedbush upgraded shares of GameStop to a "strong sell" rating in a research report on Tuesday, July 1st. Wall Street Zen raised GameStop from a "sell" rating to a "hold" rating in a report on Thursday, March 27th.

Insider Activity at GameStop

In related news, General Counsel Mark Haymond Robinson sold 1,269 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $23.95, for a total value of $30,392.55. Following the transaction, the general counsel owned 127,836 shares in the company, valued at approximately $3,061,672.20. This represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 12.28% of the company's stock.

GameStop Stock Performance

Shares of NYSE GME traded up $0.46 during midday trading on Wednesday, hitting $23.68. 7,667,336 shares of the company's stock were exchanged, compared to its average volume of 11,131,042. The stock's 50 day moving average price is $26.54 and its 200-day moving average price is $26.41. The company has a debt-to-equity ratio of 0.30, a current ratio of 8.39 and a quick ratio of 7.89. The firm has a market cap of $10.59 billion, a P/E ratio of 51.47 and a beta of -0.81. GameStop Corp. has a twelve month low of $18.73 and a twelve month high of $35.81.

GameStop (NYSE:GME - Get Free Report) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.13. The firm had revenue of $732.40 million during the quarter, compared to analyst estimates of $754.23 million. GameStop had a return on equity of 5.25% and a net margin of 5.67%. The firm's quarterly revenue was down 16.9% on a year-over-year basis. During the same period last year, the company posted ($0.12) EPS. Equities research analysts anticipate that GameStop Corp. will post 0.08 EPS for the current year.

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.