PNC Financial Services Group Inc. Increases Holdings in GameStop Corp. $GME

PNC Financial Services Group Inc. lifted its holdings in shares of GameStop Corp. (NYSE:GME) by 31.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,574 shares of the company’s stock after purchasing an additional 7,259 shares during the period. PNC Financial Services Group Inc.’s holdings in GameStop were worth $746,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in GME. Ameritas Advisory Services LLC purchased a new stake in GameStop during the second quarter worth about $45,000. Hantz Financial Services Inc. boosted its stake in GameStop by 1,523.7% in the second quarter. Hantz Financial Services Inc. now owns 2,127 shares of the company’s stock valued at $52,000 after acquiring an additional 1,996 shares during the last quarter. US Bancorp DE grew its position in shares of GameStop by 92.5% during the 1st quarter. US Bancorp DE now owns 3,726 shares of the company’s stock valued at $83,000 after acquiring an additional 1,790 shares during the period. CWM LLC increased its stake in shares of GameStop by 47.6% during the 1st quarter. CWM LLC now owns 4,353 shares of the company’s stock worth $97,000 after purchasing an additional 1,404 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of GameStop by 17.4% in the 2nd quarter. UMB Bank n.a. now owns 4,287 shares of the company’s stock worth $105,000 after purchasing an additional 636 shares during the period. Institutional investors own 29.21% of the company’s stock.

Insiders Place Their Bets

In other news, insider Daniel William Moore sold 6,509 shares of the firm’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $27.58, for a total value of $179,518.22. Following the completion of the transaction, the insider directly owned 112,620 shares of the company’s stock, valued at $3,106,059.60. This trade represents a 5.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Mark Haymond Robinson sold 4,449 shares of GameStop stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $27.58, for a total value of $122,703.42. Following the completion of the transaction, the general counsel owned 112,302 shares of the company’s stock, valued at approximately $3,097,289.16. This trade represents a 3.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 11,788 shares of company stock valued at $321,046 over the last ninety days. Corporate insiders own 8.58% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of GameStop in a research note on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $13.50.

GameStop Price Performance

GME opened at $20.13 on Friday. The firm has a 50-day moving average price of $23.61 and a 200-day moving average price of $24.48. GameStop Corp. has a twelve month low of $19.93 and a twelve month high of $35.81. The company has a quick ratio of 10.79, a current ratio of 11.37 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $9.02 billion, a price-to-earnings ratio of 27.58 and a beta of -1.00.

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

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.