207,726 Shares in GlobalFoundries Inc. (NASDAQ:GFS) Bought by Weiss Asset Management LP

Weiss Asset Management LP acquired a new position in GlobalFoundries Inc. (NASDAQ:GFS) during the third quarter, HoldingsChannel.com reports. The fund acquired 207,726 shares of the company’s stock, valued at approximately $8,361,000.

Other large investors have also recently modified their holdings of the company. State Street Corp increased its stake in shares of GlobalFoundries by 8.3% in the third quarter. State Street Corp now owns 1,275,554 shares of the company’s stock worth $51,341,000 after acquiring an additional 98,084 shares during the period. Readystate Asset Management LP acquired a new position in shares of GlobalFoundries during the 3rd quarter worth approximately $473,000. Royal London Asset Management Ltd. lifted its holdings in GlobalFoundries by 1.5% during the third quarter. Royal London Asset Management Ltd. now owns 35,275 shares of the company’s stock valued at $1,420,000 after purchasing an additional 510 shares in the last quarter. Holocene Advisors LP lifted its stake in GlobalFoundries by 28.8% in the 3rd quarter. Holocene Advisors LP now owns 197,546 shares of the company’s stock valued at $7,951,000 after buying an additional 44,197 shares in the last quarter. Finally, Centiva Capital LP acquired a new stake in shares of GlobalFoundries in the third quarter worth approximately $1,362,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on GFS shares. Morgan Stanley cut shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $53.00 to $43.00 in a research report on Monday, October 28th. Citigroup decreased their target price 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. Cantor Fitzgerald restated a “neutral” rating and issued a $40.00 price target on shares of GlobalFoundries in a research report on Wednesday, November 6th. Evercore ISI reduced their price objective 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, UBS Group assumed coverage on GlobalFoundries in a report on Wednesday, November 20th. They issued a “neutral” rating and a $47.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $50.21.

GlobalFoundries Stock Performance

Shares of GFS opened at $44.28 on Friday. The stock has a 50-day simple moving average of $41.26 and a 200-day simple moving average of $45.53. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. GlobalFoundries Inc. has a 1 year low of $35.85 and a 1 year high of $62.61. The stock has a market capitalization of $24.43 billion, a PE ratio of 33.04, a PEG ratio of 10.90 and a beta of 1.59.

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

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.