GlobalFoundries (NASDAQ:GFS) Coverage Initiated at UBS Group

Research analysts at UBS Group assumed coverage on shares of GlobalFoundries (NASDAQ:GFS) in a report issued on Wednesday, Marketbeat reports. The firm set a “neutral” rating and a $47.00 price target on the stock. UBS Group’s price objective indicates a potential upside of 11.90% from the company’s previous close.

A number of other brokerages also recently weighed in on GFS. Evercore ISI cut their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Susquehanna reduced their target price on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a report on Wednesday, November 6th. Robert W. Baird reduced their price objective on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Finally, 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. 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 has an average rating of “Hold” and a consensus target price of $50.21.

GlobalFoundries Stock Up 0.8 %

Shares of NASDAQ:GFS opened at $42.00 on Wednesday. The business’s 50 day moving average is $40.35 and its 200 day moving average is $46.18. GlobalFoundries has a 12-month low of $35.85 and a 12-month high of $62.61. The stock has a market cap of $23.17 billion, a price-to-earnings ratio of 31.09, a PEG ratio of 10.35 and a beta of 1.53. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GFS. Allspring Global Investments Holdings LLC purchased a new position in GlobalFoundries in the 3rd quarter worth approximately $34,000. US Bancorp DE grew its position in GlobalFoundries by 77.0% in 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 in the last quarter. Massmutual Trust Co. FSB ADV bought a new position in GlobalFoundries in the second quarter valued at $59,000. AM Squared Ltd purchased a new stake in GlobalFoundries during the third quarter valued at about $60,000. Finally, Advisors Asset Management Inc. lifted its stake 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 purchasing an additional 463 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.