GLOBALFOUNDRIES Inc. Forecasted to Earn FY2024 Earnings of $1.08 Per Share (NASDAQ:GFS)

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) – Equities researchers at Cantor Fitzgerald increased their FY2024 earnings estimates for GLOBALFOUNDRIES in a research report issued on Wednesday, August 7th. Cantor Fitzgerald analyst C. Muse now expects that the company will earn $1.08 per share for the year, up from their previous estimate of $1.04. Cantor Fitzgerald has a “Neutral” rating and a $55.00 price target on the stock. The consensus estimate for GLOBALFOUNDRIES’s current full-year earnings is $1.06 per share.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.10. GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. The business’s quarterly revenue was down 11.5% compared to the same quarter last year.

GFS has been the subject of several other research reports. Jefferies Financial Group assumed coverage on shares of GLOBALFOUNDRIES in a research report on Monday, May 13th. They issued a “buy” rating and a $62.00 price objective for the company. HSBC dropped their price objective on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating for the company in a research report on Friday, May 3rd. Bank of America decreased their target price on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating for the company in a research note on Tuesday, April 16th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of GLOBALFOUNDRIES from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, TD Cowen decreased their target price on shares of GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, GLOBALFOUNDRIES has a consensus rating of “Moderate Buy” and an average target price of $57.54.

GLOBALFOUNDRIES Trading Down 1.4 %

Shares of GLOBALFOUNDRIES stock traded down $0.64 during trading hours on Thursday, hitting $43.69. The company’s stock had a trading volume of 1,060,321 shares, compared to its average volume of 1,663,267. GLOBALFOUNDRIES has a 1-year low of $42.59 and a 1-year high of $62.61. The business has a fifty day moving average of $50.70 and a 200 day moving average of $51.75. The company has a market capitalization of $24.11 billion, a PE ratio of 26.97, a P/E/G ratio of 4.52 and a beta of 1.56. The company has a quick ratio of 1.59, a current ratio of 2.18 and a debt-to-equity ratio of 0.22.

Institutional Trading of GLOBALFOUNDRIES

A number of large investors have recently modified their holdings of the company. Mubadala Investment Co PJSC acquired a new position in GLOBALFOUNDRIES during the 4th quarter valued at about $28,451,821,000. First Trust Advisors LP boosted its holdings in shares of GLOBALFOUNDRIES by 9.9% during the fourth quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock worth $135,750,000 after purchasing an additional 201,611 shares during the period. Kodai Capital Management LP acquired a new stake in shares of GLOBALFOUNDRIES during the fourth quarter worth approximately $67,351,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of GLOBALFOUNDRIES by 7.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock worth $59,018,000 after purchasing an additional 68,626 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of GLOBALFOUNDRIES by 13.5% during the second quarter. Dimensional Fund Advisors LP now owns 653,918 shares of the company’s stock worth $33,063,000 after purchasing an additional 77,581 shares during the period.

GLOBALFOUNDRIES Company 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.