GlobalFoundries Inc. (NASDAQ:GFS) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC lowered its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 1.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 896,065 shares of the company’s stock after selling 8,662 shares during the quarter. Geode Capital Management LLC owned approximately 0.16% of GlobalFoundries worth $36,067,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Marshall Wace LLP grew its stake in GlobalFoundries by 108.6% during the 2nd quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock worth $126,242,000 after buying an additional 1,299,687 shares during the last quarter. FMR LLC boosted its holdings in shares of GlobalFoundries by 2.4% in the third quarter. FMR LLC now owns 49,375,403 shares of the company’s stock valued at $1,987,360,000 after acquiring an additional 1,160,403 shares during the period. Renaissance Technologies LLC grew its position in shares of GlobalFoundries by 267.7% during the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock worth $17,901,000 after acquiring an additional 257,749 shares during the last quarter. Weiss Asset Management LP acquired a new position in shares of GlobalFoundries in the 3rd quarter valued at $8,361,000. Finally, Ghisallo Capital Management LLC raised its position in GlobalFoundries by 200.0% in the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock valued at $15,168,000 after purchasing an additional 200,000 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on GFS shares. Susquehanna dropped their price objective on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft dropped their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. UBS Group initiated coverage on GlobalFoundries in a research report on Wednesday, November 20th. They set a “neutral” rating and a $47.00 price objective for the company. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $53.00 to $43.00 in a report on Monday, October 28th. Finally, Citigroup decreased their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, November 5th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $50.21.

GlobalFoundries Stock Up 1.4 %

GFS stock opened at $44.64 on Thursday. The company has a current ratio of 2.42, a quick ratio of 1.76 and a debt-to-equity ratio of 0.19. The company’s 50-day moving average price is $42.21 and its 200 day moving average price is $44.85. GlobalFoundries Inc. has a 52 week low of $35.85 and a 52 week high of $62.61. The company has a market cap of $24.63 billion, a P/E ratio of 33.31, a P/E/G ratio of 10.71 and a beta of 1.59.

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

About GlobalFoundries

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.