Principal Financial Group Inc. Sells 1,576 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Principal Financial Group Inc. lessened its stake in GlobalFoundries Inc. (NASDAQ:GFS) by 24.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,952 shares of the company’s stock after selling 1,576 shares during the quarter. Principal Financial Group Inc.’s holdings in GlobalFoundries were worth $212,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Advisors Asset Management Inc. lifted its stake in GlobalFoundries by 41.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after purchasing an additional 463 shares during the last quarter. Royal London Asset Management Ltd. lifted its position in GlobalFoundries by 1.5% during the third quarter. Royal London Asset Management Ltd. now owns 35,275 shares of the company’s stock worth $1,420,000 after acquiring an additional 510 shares during the last quarter. US Bancorp DE lifted its position in GlobalFoundries by 77.0% during the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after acquiring an additional 530 shares during the last quarter. Wahed Invest LLC lifted its position in GlobalFoundries by 37.4% during the third quarter. Wahed Invest LLC now owns 2,386 shares of the company’s stock worth $96,000 after acquiring an additional 650 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in GlobalFoundries by 206.4% during the fourth quarter. Blue Trust Inc. now owns 1,106 shares of the company’s stock worth $45,000 after acquiring an additional 745 shares during the last quarter.

GlobalFoundries Stock Performance

NASDAQ GFS opened at $40.00 on Friday. The firm’s fifty day moving average price is $41.44 and its two-hundred day moving average price is $41.77. The stock has a market cap of $22.07 billion, a PE ratio of -83.33, a PEG ratio of 1.42 and a beta of 1.57. GlobalFoundries Inc. has a fifty-two week low of $35.85 and a fifty-two week high of $61.98. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.57 and a current ratio of 2.11.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.07). GlobalFoundries had a positive return on equity of 6.05% and a negative net margin of 3.93%. On average, equities analysts expect that GlobalFoundries Inc. will post 1.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Needham & Company LLC upgraded shares of GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, February 12th. Morgan Stanley raised their target price on shares of GlobalFoundries from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. UBS Group lowered their target price on shares of GlobalFoundries from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. Finally, Wedbush reaffirmed an “outperform” rating and set a $60.00 target price on shares of GlobalFoundries in a report on Wednesday, February 12th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, GlobalFoundries currently has an average rating of “Moderate Buy” and an average price target of $49.64.

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.