Principal Financial Group Inc. Acquires 811 Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Principal Financial Group Inc. grew its holdings in GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 12.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,341 shares of the company’s stock after purchasing an additional 811 shares during the quarter. Principal Financial Group Inc.’s holdings in GLOBALFOUNDRIES were worth $371,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of GFS. Mubadala Investment Co PJSC bought a new stake in GLOBALFOUNDRIES during the fourth quarter valued at about $28,451,821,000. Kodai Capital Management LP purchased a new position in shares of GLOBALFOUNDRIES in the 4th quarter worth approximately $67,351,000. Norges Bank bought a new position in shares of GLOBALFOUNDRIES during the 4th quarter worth approximately $18,629,000. Dimensional Fund Advisors LP lifted its position in GLOBALFOUNDRIES by 124.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 488,048 shares of the company’s stock valued at $29,581,000 after acquiring an additional 270,520 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in GLOBALFOUNDRIES by 9.9% in the fourth quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock valued at $135,750,000 after acquiring an additional 201,611 shares in the last quarter.

Wall Street Analyst Weigh In

GFS has been the subject of a number of research analyst reports. TD Cowen decreased their price target on GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered 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, August 7th. Evercore ISI cut their price target on shares of GLOBALFOUNDRIES from $77.00 to $71.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $65.00 price objective on shares of GLOBALFOUNDRIES in a research note on Wednesday, August 7th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $55.00 target price on shares of GLOBALFOUNDRIES in a research report on Tuesday, July 16th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, GLOBALFOUNDRIES presently has an average rating of “Moderate Buy” and a consensus target price of $57.54.

GLOBALFOUNDRIES Trading Down 0.4 %

GFS stock opened at $39.75 on Friday. The stock has a market cap of $21.93 billion, a price-to-earnings ratio of 24.54, a PEG ratio of 6.64 and a beta of 1.54. The business’s 50-day moving average is $47.49 and its 200 day moving average is $49.65. GLOBALFOUNDRIES Inc. has a 12-month low of $39.12 and a 12-month high of $62.61. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.10. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. GLOBALFOUNDRIES had a net margin of 11.82% and a return on equity of 7.75%. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 earnings per share. On average, sell-side analysts anticipate that GLOBALFOUNDRIES Inc. will post 1.09 EPS for the current fiscal year.

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.