Verition Fund Management LLC Trims Stock Position in GlobalFoundries Inc. (NASDAQ:GFS)

Verition Fund Management LLC trimmed its stake in GlobalFoundries Inc. (NASDAQ:GFS) by 71.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,817 shares of the company’s stock after selling 53,638 shares during the period. Verition Fund Management LLC’s holdings in GlobalFoundries were worth $878,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new stake in GlobalFoundries in the third quarter worth about $34,000. US Bancorp DE lifted its stake in shares of GlobalFoundries by 77.0% in the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after purchasing an additional 530 shares during the period. AM Squared Ltd bought a new stake in shares of GlobalFoundries during the third quarter valued at approximately $60,000. Advisors Asset Management Inc. grew 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 worth $64,000 after purchasing an additional 463 shares during the period. Finally, Truvestments Capital LLC bought a new position in GlobalFoundries in the third quarter worth $66,000.

GlobalFoundries Stock Performance

Shares of NASDAQ GFS opened at $44.88 on Monday. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The firm’s 50-day moving average price is $41.34 and its 200-day moving average price is $45.33. GlobalFoundries Inc. has a 52-week low of $35.85 and a 52-week high of $62.61. The company has a market cap of $24.76 billion, a PE ratio of 33.49, a PEG ratio of 10.84 and a beta of 1.59.

GlobalFoundries (NASDAQ:GFS) last posted 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. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The firm’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.47 EPS. As a group, analysts anticipate that GlobalFoundries Inc. will post 1.22 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GFS. Cantor Fitzgerald restated a “neutral” rating and set a $40.00 target price on shares of GlobalFoundries in a report on Wednesday, November 6th. Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a report on Wednesday, November 6th. Susquehanna lowered their target price on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th. Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Finally, Wedbush reiterated an “outperform” rating and set a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a research note on Tuesday, November 5th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $50.21.

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.