American International Group Inc. Grows Holdings in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

American International Group Inc. grew its holdings in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,708 shares of the company’s stock after buying an additional 729 shares during the quarter. American International Group Inc.’s holdings in GLOBALFOUNDRIES were worth $2,346,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of GLOBALFOUNDRIES by 50.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock valued at $34,000 after buying an additional 187 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of 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 buying an additional 363 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of GLOBALFOUNDRIES by 122.5% during the 3rd quarter. Toronto Dominion Bank now owns 3,473 shares of the company’s stock valued at $202,000 after buying an additional 1,912 shares during the last quarter. Oxford Asset Management LLP purchased a new position in shares of GLOBALFOUNDRIES during the 4th quarter valued at approximately $232,000. Finally, Truvestments Capital LLC raised its position in shares of GLOBALFOUNDRIES by 26.0% during the 3rd quarter. Truvestments Capital LLC now owns 4,094 shares of the company’s stock valued at $238,000 after acquiring an additional 846 shares in the last quarter.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GFS. Bank of America reduced their price objective on GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 16th. Evercore ISI began coverage on GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They set an “outperform” rating and a $71.00 price objective on the stock. HSBC reduced their price objective on GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Susquehanna raised their price objective on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Finally, Morgan Stanley raised their price objective on GLOBALFOUNDRIES from $62.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.62.

GLOBALFOUNDRIES Price Performance

Shares of NASDAQ GFS opened at $51.00 on Wednesday. GLOBALFOUNDRIES Inc. has a fifty-two week low of $45.52 and a fifty-two week high of $68.57. The firm’s 50-day simple moving average is $50.04 and its 200 day simple moving average is $53.22. The company has a quick ratio of 1.59, a current ratio of 2.18 and a debt-to-equity ratio of 0.22. The stock has a market cap of $28.14 billion, a P/E ratio of 31.48, a P/E/G ratio of 4.81 and a beta of 1.57.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.09. GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Equities analysts expect that GLOBALFOUNDRIES Inc. will post 1.06 EPS for the current year.

About GLOBALFOUNDRIES

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.