GlobalFoundries Inc. (NASDAQ:GFS) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in GlobalFoundries Inc. (NASDAQ:GFS) by 11.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,528 shares of the company’s stock after selling 813 shares during the quarter. Principal Financial Group Inc.’s holdings in GlobalFoundries were worth $263,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GFS. 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 in the last quarter. Quantbot Technologies LP raised its holdings in GlobalFoundries by 89.0% in the third quarter. Quantbot Technologies LP now owns 73,762 shares of the company’s stock valued at $2,969,000 after acquiring an additional 34,731 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in GlobalFoundries by 1,935.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,210 shares of the company’s stock worth $5,120,000 after acquiring an additional 120,960 shares during the last quarter. Global X Japan Co. Ltd. grew its holdings in GlobalFoundries by 52.0% during the 2nd quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company’s stock worth $3,218,000 after acquiring an additional 21,765 shares in the last quarter. Finally, Versor Investments LP grew its holdings in GlobalFoundries by 167.7% during the 3rd quarter. Versor Investments LP now owns 19,008 shares of the company’s stock worth $765,000 after acquiring an additional 11,908 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GFS. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $40.00 price objective on shares of GlobalFoundries in a research report on Wednesday, November 6th. Robert W. Baird cut their price target on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research note 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. Evercore ISI cut their target price on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Finally, Susquehanna lowered their price target on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $50.21.

GlobalFoundries Stock Up 1.4 %

Shares of NASDAQ:GFS opened at $43.78 on Tuesday. GlobalFoundries Inc. has a 1-year low of $35.85 and a 1-year high of $61.98. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76. The stock has a market cap of $24.16 billion, a P/E ratio of 32.67, a P/E/G ratio of 10.71 and a beta of 1.57. The firm has a fifty day moving average price of $42.88 and a 200 day moving average price of $44.46.

GlobalFoundries (NASDAQ:GFS) last announced its earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. The business had revenue of $1.74 billion during 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 business’s revenue was down 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.47 earnings per share. Sell-side analysts predict that GlobalFoundries Inc. will post 1.22 EPS for the current 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.