Principal Financial Group Inc. Reduces Stake in GlobalFoundries Inc. (NASDAQ:GFS)

Principal Financial Group Inc. lowered its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 11.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,528 shares of the company’s stock after selling 813 shares during the period. Principal Financial Group Inc.’s holdings in GlobalFoundries were worth $263,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of GFS. Allspring Global Investments Holdings LLC purchased a new position in GlobalFoundries in the 3rd quarter valued at approximately $34,000. US Bancorp DE raised its stake in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after purchasing an additional 530 shares during the period. Massmutual Trust Co. FSB ADV purchased a new stake in GlobalFoundries during the 2nd quarter worth about $59,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in GlobalFoundries in the 2nd quarter worth about $65,000. Finally, CWM LLC grew its holdings in GlobalFoundries by 38.6% during the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after buying an additional 373 shares in the last quarter.

GlobalFoundries Stock Up 5.0 %

Shares of GlobalFoundries stock opened at $44.95 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. GlobalFoundries Inc. has a 52-week low of $35.85 and a 52-week high of $62.61. The company’s 50 day moving average price is $40.46 and its 200-day moving average price is $46.00. The stock has a market capitalization of $24.80 billion, a price-to-earnings ratio of 33.54, a P/E/G ratio of 10.45 and a beta of 1.53.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, November 6th. Evercore ISI cut their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Robert W. Baird reduced their price target on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. TD Cowen lowered their price objective on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Citigroup reduced their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $50.21.

GlobalFoundries Company 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.