Harvest Fund Management Co. Ltd Increases Stock Position in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Harvest Fund Management Co. Ltd boosted its stake in GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 11.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,813 shares of the company’s stock after purchasing an additional 502 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in GLOBALFOUNDRIES were worth $286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of GLOBALFOUNDRIES by 50.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock worth $34,000 after acquiring an additional 187 shares in the last quarter. PNC Financial Services Group Inc. increased its position in GLOBALFOUNDRIES by 442.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 895 shares of the company’s stock valued at $52,000 after purchasing an additional 730 shares during the period. Advisors Preferred LLC purchased a new position in GLOBALFOUNDRIES during the 3rd quarter valued at $58,000. Blue Trust Inc. increased its position in GLOBALFOUNDRIES by 31.6% during the 4th quarter. Blue Trust Inc. now owns 1,510 shares of the company’s stock valued at $88,000 after purchasing an additional 363 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of GLOBALFOUNDRIES by 230.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,041 shares of the company’s stock valued at $119,000 after buying an additional 1,423 shares in the last quarter.

Wall Street Analysts Forecast Growth

GFS has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their target price on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating on the stock in a report on Wednesday, February 14th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $55.00 price target (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Citigroup cut shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $70.00 to $56.00 in a research note on Wednesday, February 14th. Robert W. Baird dropped their price target on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Finally, Susquehanna reiterated a “neutral” rating and issued a $48.00 price target (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research note on Tuesday, March 5th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $63.08.

GLOBALFOUNDRIES Price Performance

NASDAQ GFS opened at $47.09 on Thursday. GLOBALFOUNDRIES Inc. has a 52 week low of $45.52 and a 52 week high of $68.57. The firm has a market capitalization of $25.79 billion, a P/E ratio of 25.71, a PEG ratio of 3.91 and a beta of 1.61. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $51.61 and a 200-day moving average price of $54.34.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The firm had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the prior year, the firm earned $1.37 EPS. The business’s revenue for the quarter was down 11.8% compared to the same quarter last year. Equities research analysts anticipate that GLOBALFOUNDRIES Inc. will post 1 earnings per share for the current year.

GLOBALFOUNDRIES Profile

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.