GlobalFoundries (NASDAQ:GFS) Sets New 52-Week Low at $38.48

GlobalFoundries Inc. (NASDAQ:GFS) hit a new 52-week low during trading on Tuesday . The stock traded as low as $38.48 and last traded at $38.71, with a volume of 322369 shares trading hands. The stock had previously closed at $40.25.

Analyst Upgrades and Downgrades

GFS has been the subject of several recent analyst reports. Evercore ISI reduced 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. Deutsche Bank Aktiengesellschaft cut their target price on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Cantor Fitzgerald restated a “neutral” rating and set a $55.00 target price on shares of GlobalFoundries in a research report on Tuesday, July 16th. Wedbush restated an “outperform” rating and set a $65.00 target price on shares of GlobalFoundries in a research report on Wednesday, August 7th. Finally, TD Cowen cut their target price on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.54.

GlobalFoundries Trading Down 3.4 %

The company has a market cap of $21.45 billion, a price-to-earnings ratio of 24.85, a price-to-earnings-growth ratio of 6.36 and a beta of 1.54. The firm has a 50-day moving average price of $44.10 and a 200 day moving average price of $48.55. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.10. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. As a group, sell-side analysts forecast that GlobalFoundries Inc. will post 1.09 EPS for the current year.

Institutional Trading of GlobalFoundries

Several hedge funds have recently added to or reduced their stakes in the business. Massmutual Trust Co. FSB ADV bought a new stake in shares of GlobalFoundries in the 2nd quarter worth $59,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of GlobalFoundries in the 2nd quarter worth $65,000. CWM LLC grew its holdings in shares of GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock worth $68,000 after acquiring an additional 373 shares during the last quarter. Lazard Asset Management LLC grew its holdings in shares of GlobalFoundries by 47.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock worth $127,000 after acquiring an additional 786 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of GlobalFoundries by 128.8% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 2,471 shares of the company’s stock worth $129,000 after acquiring an additional 1,391 shares during the last quarter.

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.