UBS Group Begins Coverage on GlobalFoundries (NASDAQ:GFS)

UBS Group assumed coverage on shares of GlobalFoundries (NASDAQ:GFS) in a research note released on Wednesday, MarketBeat.com reports. The firm issued a neutral rating and a $47.00 price target on the stock.

Several other brokerages have also recently issued reports on GFS. Robert W. Baird lowered their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Wedbush reaffirmed an “outperform” rating and set a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday, November 5th. Finally, Susquehanna decreased their price target 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. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $50.21.

GlobalFoundries Trading Up 1.9 %

Shares of GFS opened at $42.80 on Wednesday. The stock has a fifty day moving average of $40.46 and a two-hundred day moving average of $46.10. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The company has a market capitalization of $23.62 billion, a PE ratio of 31.94, a price-to-earnings-growth ratio of 10.26 and a beta of 1.53. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $62.61.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the company earned $0.47 EPS. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. As a group, analysts forecast that GlobalFoundries will post 1.22 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GFS. Allspring Global Investments Holdings LLC bought a new position in shares of GlobalFoundries in the third quarter valued at approximately $34,000. US Bancorp DE boosted its holdings in shares of GlobalFoundries by 77.0% in the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after acquiring an additional 530 shares in the last quarter. Massmutual Trust Co. FSB ADV bought a new position in shares of GlobalFoundries in the second quarter valued at approximately $59,000. AM Squared Ltd bought a new position in shares of GlobalFoundries in the third quarter valued at approximately $60,000. Finally, Advisors Asset Management Inc. boosted its holdings in shares of 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 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.