Robert W. Baird Has Lowered Expectations for GlobalFoundries (NASDAQ:GFS) Stock Price

GlobalFoundries (NASDAQ:GFS) had its price target trimmed by Robert W. Baird from $63.00 to $50.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities analysts have also recently issued reports about the company. Evercore ISI dropped their target price on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Cantor Fitzgerald cut their price objective on GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Morgan Stanley lowered shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $53.00 to $43.00 in a report on Monday, October 28th. TD Cowen cut their price target on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Citigroup reduced their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.46.

GlobalFoundries Stock Performance

GFS opened at $43.98 on Wednesday. The company has a quick ratio of 1.59, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The stock’s 50 day moving average price is $40.28 and its two-hundred day moving average price is $46.51. The firm has a market capitalization of $24.27 billion, a P/E ratio of 32.82, a price-to-earnings-growth ratio of 7.56 and a beta of 1.53. GlobalFoundries has a 12-month low of $35.85 and a 12-month high of $62.61.

GlobalFoundries (NASDAQ:GFS) last released its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.73 billion. During the same period last year, the business earned $0.47 earnings per share. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. On average, equities analysts forecast that GlobalFoundries will post 1.09 earnings per share for the current year.

Institutional Trading of GlobalFoundries

Several hedge funds and other institutional investors have recently modified their holdings of GFS. Allspring Global Investments Holdings LLC bought a new position in GlobalFoundries in the third quarter valued at $34,000. US Bancorp DE boosted 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 worth $49,000 after buying an additional 530 shares during the last quarter. Massmutual Trust Co. FSB ADV bought a new position in shares of GlobalFoundries in the 2nd quarter valued at about $59,000. AM Squared Ltd acquired a new stake in shares of GlobalFoundries in the third quarter valued at about $60,000. Finally, Advisors Asset Management Inc. raised its holdings in GlobalFoundries by 41.0% during the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock worth $64,000 after acquiring an additional 463 shares in 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.