Intech Investment Management LLC Purchases 2,155 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Intech Investment Management LLC raised its position in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 33.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,656 shares of the company’s stock after acquiring an additional 2,155 shares during the period. Intech Investment Management LLC’s holdings in GlobalFoundries were worth $348,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in GFS. Advisors Asset Management Inc. boosted its stake in shares of GlobalFoundries by 41.0% in the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after buying an additional 463 shares during the period. AM Squared Ltd bought a new stake in shares of GlobalFoundries in the third quarter valued at approximately $60,000. CIBC Asset Management Inc boosted its stake in shares of GlobalFoundries by 3.7% in the third quarter. CIBC Asset Management Inc now owns 106,529 shares of the company’s stock valued at $4,288,000 after buying an additional 3,798 shares during the period. ICICI Prudential Asset Management Co Ltd boosted its stake in shares of GlobalFoundries by 18.8% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 7,200 shares of the company’s stock valued at $290,000 after buying an additional 1,141 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of GlobalFoundries by 13.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 107,802 shares of the company’s stock valued at $4,339,000 after buying an additional 12,948 shares during the period.

GlobalFoundries Price Performance

GFS stock opened at $44.63 on Wednesday. The stock has a market capitalization of $24.63 billion, a PE ratio of 33.31, a price-to-earnings-growth ratio of 11.02 and a beta of 1.59. The company’s 50-day moving average is $41.09 and its 200-day moving average is $45.55. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76. GlobalFoundries Inc. has a 1 year low of $35.85 and a 1 year high of $62.61.

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

Analysts Set New Price Targets

Several research firms have weighed in on GFS. Deutsche Bank Aktiengesellschaft cut their target price on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Evercore ISI cut their target price on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Wedbush restated an “outperform” rating and set a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a research note on Tuesday, November 5th. Morgan Stanley downgraded shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $53.00 to $43.00 in a report on Monday, October 28th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a report on Wednesday, November 6th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, GlobalFoundries presently has an average rating of “Hold” and a consensus price target 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.