Municipal Employees Retirement System of Michigan Invests $372,000 in GameStop Corp. (GME) Stock
Municipal Employees Retirement System of Michigan acquired a new position in GameStop Corp. (NYSE:GME) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 29,460 shares of the company’s stock, valued at approximately $372,000.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Nantahala Capital Management LLC purchased a new position in GameStop during the 4th quarter valued at about $9,232,000. Squarepoint Ops LLC grew its holdings in GameStop by 710.0% during the 4th quarter. Squarepoint Ops LLC now owns 770,883 shares of the company’s stock valued at $9,729,000 after buying an additional 675,712 shares in the last quarter. Paradice Investment Management LLC grew its holdings in GameStop by 42.4% during the 4th quarter. Paradice Investment Management LLC now owns 1,962,168 shares of the company’s stock valued at $24,763,000 after buying an additional 583,850 shares in the last quarter. BlackRock Inc. grew its holdings in GameStop by 3.9% during the 3rd quarter. BlackRock Inc. now owns 14,800,155 shares of the company’s stock valued at $225,998,000 after buying an additional 550,779 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund purchased a new position in GameStop during the 4th quarter valued at about $39,000. 98.74% of the stock is owned by institutional investors.
A number of research analysts have weighed in on GME shares. Jefferies Financial Group set a $12.00 target price on GameStop and gave the company a “hold” rating in a report on Friday, March 22nd. Robert W. Baird lowered GameStop from an “outperform” rating to a “neutral” rating in a report on Tuesday, January 29th. Telsey Advisory Group cut their price objective on GameStop from $11.00 to $10.00 and set a “market perform” rating for the company in a report on Wednesday, April 3rd. Credit Suisse Group cut their price objective on GameStop from $11.00 to $10.00 and set an “underperform” rating for the company in a report on Wednesday, April 3rd. Finally, Zacks Investment Research raised GameStop from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Wednesday, February 13th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. GameStop currently has an average rating of “Hold” and a consensus price target of $11.22.
GameStop (NYSE:GME) last released its earnings results on Tuesday, April 2nd. The company reported $1.45 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.59 by ($0.14). The firm had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.28 billion. GameStop had a positive return on equity of 14.49% and a negative net margin of 7.71%. The business’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.02 EPS. On average, equities analysts forecast that GameStop Corp. will post 1.55 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.52 dividend on an annualized basis and a yield of 15.48%. GameStop’s payout ratio is 71.03%.
GameStop Company Profile
GameStop Corp. operates as a multichannel video game and consumer electronics retailer in the United States, Canada, Australia, and Europe. The company sells new and pre-owned video game hardware; video game software; pre-owned and value video games; video game accessories, including controllers, gaming headsets, virtual reality products, memory cards, and other add-ons for use with video game hardware and software; and digital products, such as downloadable content, network points cards, prepaid digital and prepaid subscription cards, and digitally downloadable software, as well as collectible products.
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