Fmr LLC Buys 1,160,403 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Fmr LLC increased its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 2.4% in the third quarter, Holdings Channel.com reports. The fund owned 49,375,403 shares of the company’s stock after purchasing an additional 1,160,403 shares during the period. Fmr LLC owned about 0.09% of GlobalFoundries worth $1,987,360,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Truvestments Capital LLC purchased a new position in GlobalFoundries during the 3rd quarter valued at approximately $66,000. Harvest Fund Management Co. Ltd boosted its position in shares of GlobalFoundries by 52.2% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 25,407 shares of the company’s stock valued at $1,022,000 after acquiring an additional 8,717 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of GlobalFoundries in the third quarter valued at $500,000. Daiwa Securities Group Inc. increased its position in GlobalFoundries by 11.9% in the third quarter. Daiwa Securities Group Inc. now owns 35,292 shares of the company’s stock worth $1,421,000 after purchasing an additional 3,744 shares during the last quarter. Finally, Citigroup Inc. raised its stake in GlobalFoundries by 16.0% during the third quarter. Citigroup Inc. now owns 628,259 shares of the company’s stock valued at $25,287,000 after purchasing an additional 86,740 shares in the last quarter.

Analysts Set New Price Targets

GFS has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. TD Cowen dropped their price target on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Robert W. Baird decreased their price objective on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Citigroup cut their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Finally, Wedbush reaffirmed an “outperform” rating and set a $60.00 price objective (down from $65.00) on shares of GlobalFoundries in a research note on Tuesday, November 5th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.21.

GlobalFoundries Price Performance

Shares of GFS opened at $44.11 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The company has a 50 day moving average price of $40.57 and a 200-day moving average price of $45.96. GlobalFoundries Inc. has a fifty-two week low of $35.85 and a fifty-two week high of $62.61. The stock has a market capitalization of $24.34 billion, a PE ratio of 32.92, a PEG ratio of 10.98 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last announced its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.08. The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.47 EPS. Equities analysts predict that GlobalFoundries Inc. will post 1.22 earnings per share for the current fiscal year.

GlobalFoundries Profile

GlobalFoundries Inc, a semiconductor foundry, provides range of mainstream wafer fabrication services and technologies worldwide. It manufactures various semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units.