Harvest Fund Management Co. Ltd Purchases 8,717 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Harvest Fund Management Co. Ltd boosted its position in GlobalFoundries Inc. (NASDAQ:GFS) by 52.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 25,407 shares of the company’s stock after purchasing an additional 8,717 shares during the period. Harvest Fund Management Co. Ltd’s holdings in GlobalFoundries were worth $1,022,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale boosted its stake in GlobalFoundries by 4.0% in the third quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company’s stock valued at $357,000 after acquiring an additional 340 shares during the last quarter. CWM LLC boosted its stake in GlobalFoundries by 38.6% in the second quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after acquiring an additional 373 shares during the last quarter. Pacer Advisors Inc. boosted its stake in GlobalFoundries by 1.7% in the second quarter. Pacer Advisors Inc. now owns 26,359 shares of the company’s stock valued at $1,333,000 after acquiring an additional 444 shares during the last quarter. Royal London Asset Management Ltd. boosted its stake in GlobalFoundries by 1.3% in the second quarter. Royal London Asset Management Ltd. now owns 34,765 shares of the company’s stock valued at $1,758,000 after acquiring an additional 450 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in GlobalFoundries by 41.0% in the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after acquiring an additional 463 shares during the last quarter.

GlobalFoundries Stock Performance

NASDAQ GFS opened at $44.95 on Tuesday. GlobalFoundries Inc. has a 1 year low of $35.85 and a 1 year high of $62.61. 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 capitalization of $24.80 billion, a PE ratio of 33.54, a P/E/G ratio of 10.45 and a beta of 1.53. The company’s 50 day simple moving average is $40.46 and its two-hundred day simple moving average is $46.00.

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on GFS. Evercore ISI dropped their target price on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Robert W. Baird dropped their target price on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Citigroup dropped their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. TD Cowen dropped their price target on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, November 6th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $50.21.

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.