Allspring Global Investments Holdings LLC Purchases Shares of 834 GlobalFoundries Inc. (NASDAQ:GFS)

Allspring Global Investments Holdings LLC purchased a new position in GlobalFoundries Inc. (NASDAQ:GFS) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 834 shares of the company’s stock, valued at approximately $34,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Renaissance Capital LLC increased its stake in GlobalFoundries by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 106,047 shares of the company’s stock worth $4,268,000 after buying an additional 17,707 shares in the last quarter. Creative Planning purchased a new position in GlobalFoundries during the third quarter valued at approximately $295,000. Inspire Investing LLC grew its holdings in GlobalFoundries by 36.4% in the third quarter. Inspire Investing LLC now owns 7,033 shares of the company’s stock worth $283,000 after purchasing an additional 1,875 shares during the last quarter. Sanibel Captiva Trust Company Inc. grew its holdings in GlobalFoundries by 67.1% in the third quarter. Sanibel Captiva Trust Company Inc. now owns 8,270 shares of the company’s stock worth $333,000 after purchasing an additional 3,320 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its position in GlobalFoundries by 44.9% during the third quarter. Handelsbanken Fonder AB now owns 28,276 shares of the company’s stock valued at $1,138,000 after purchasing an additional 8,765 shares during the period.

GlobalFoundries Stock Up 14.9 %

Shares of NASDAQ GFS opened at $41.37 on Wednesday. GlobalFoundries Inc. has a 12-month low of $35.85 and a 12-month high of $62.61. The stock’s fifty day simple moving average is $40.33 and its two-hundred day simple moving average is $46.53. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $22.83 billion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 5.92 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last posted 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. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. GlobalFoundries’s revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 EPS. As a group, analysts expect that GlobalFoundries Inc. will post 1.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on GFS. Evercore ISI dropped their price objective on shares of GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Citigroup dropped their target price on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. TD Cowen reduced their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $53.23.

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.