Vanguard Group Inc. Raises Stake in GameStop Corp. (NYSE:GME)

Key Points

• Vanguard Group Inc. increased its holdings in GameStop Corp. by 0.2% in the first quarter, now owning approximately 39.2 million shares worth about $875.8 million.
• Multiple institutional investors, including PNC Financial Services and US Bancorp DE, have also raised their stakes in GameStop, with PNC increasing its ownership by nearly 25%.
• GameStop recently reported earnings per share of $0.17 for the quarter, exceeding estimates, despite a 16.9% decline in revenue year-over-year.

Vanguard Group Inc. raised its stake in shares of GameStop Corp. (NYSE:GME - Free Report) by 0.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,237,789 shares of the company's stock after acquiring an additional 93,726 shares during the period. Vanguard Group Inc. owned about 8.77% of GameStop worth $875,787,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of GME. Bessemer Group Inc. lifted its stake in GameStop by 67.2% during the 4th quarter. Bessemer Group Inc. now owns 1,720 shares of the company's stock valued at $54,000 after acquiring an additional 691 shares in the last quarter. UMB Bank n.a. raised its stake in shares of GameStop by 100.6% during the 1st quarter. UMB Bank n.a. now owns 3,651 shares of the company's stock worth $81,000 after purchasing an additional 1,831 shares during the period. US Bancorp DE raised its stake in shares of GameStop by 92.5% during the 1st quarter. US Bancorp DE now owns 3,726 shares of the company's stock worth $83,000 after purchasing an additional 1,790 shares during the period. Bogart Wealth LLC raised its stake in GameStop by 100.0% in the 1st quarter. Bogart Wealth LLC now owns 4,000 shares of the company's stock valued at $89,000 after acquiring an additional 2,000 shares during the period. Finally, SBI Securities Co. Ltd. raised its stake in GameStop by 31.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 4,145 shares of the company's stock valued at $93,000 after acquiring an additional 1,000 shares during the period. 29.21% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other GameStop news, General Counsel Mark Haymond Robinson sold 11,055 shares of GameStop stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $24.18, for a total transaction of $267,309.90. Following the completion of the transaction, the general counsel owned 116,781 shares of the company's stock, valued at $2,823,764.58. The trade was a 8.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 13,075 shares of company stock worth $315,685. 8.58% of the stock is owned by insiders.

GameStop Stock Performance

GameStop stock traded up $0.08 during midday trading on Wednesday, reaching $23.01. The stock had a trading volume of 5,327,669 shares, compared to its average volume of 7,726,674. GameStop Corp. has a 12 month low of $19.31 and a 12 month high of $35.81. The firm's 50-day moving average price is $23.81 and its 200 day moving average price is $25.41. The firm has a market capitalization of $10.29 billion, a PE ratio of 50.02 and a beta of -0.72. The company has a quick ratio of 7.89, a current ratio of 8.39 and a debt-to-equity ratio of 0.30.

GameStop (NYSE:GME - Get Free Report) last posted its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.13. The business 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 company's quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.12) EPS. As a group, research analysts predict that GameStop Corp. will post 0.08 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wedbush upgraded GameStop to a "strong sell" rating in a research note on Tuesday, July 1st.

About GameStop

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.