Sumitomo Mitsui Trust Holdings Inc. Grows Stake in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Sumitomo Mitsui Trust Holdings Inc. grew its holdings in GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 10.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 70,675 shares of the company’s stock after buying an additional 6,743 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in GLOBALFOUNDRIES were worth $4,283,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. FMR LLC raised its position in shares of GLOBALFOUNDRIES by 18.7% in the 3rd quarter. FMR LLC now owns 35,205,461 shares of the company’s stock worth $2,048,606,000 after acquiring an additional 5,544,907 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of GLOBALFOUNDRIES by 36.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock worth $183,931,000 after acquiring an additional 838,355 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of GLOBALFOUNDRIES by 3.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 981,889 shares of the company’s stock worth $57,136,000 after acquiring an additional 29,424 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of GLOBALFOUNDRIES by 5,093.1% in the 4th quarter. International Assets Investment Management LLC now owns 531,462 shares of the company’s stock worth $32,207,000 after acquiring an additional 521,228 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of GLOBALFOUNDRIES by 19.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 501,176 shares of the company’s stock worth $29,163,000 after acquiring an additional 80,381 shares in the last quarter.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GFS. Bank of America decreased their target price on GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating for the company in a research report on Tuesday, April 16th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $55.00 price objective (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Evercore ISI initiated coverage on GLOBALFOUNDRIES in a research report on Tuesday, April 16th. They set an “outperform” rating and a $71.00 price objective for the company. Citigroup lowered GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $70.00 to $56.00 in a research report on Wednesday, February 14th. Finally, Robert W. Baird reduced their price objective on GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $63.08.

GLOBALFOUNDRIES Stock Performance

Shares of GFS opened at $46.35 on Wednesday. The business’s fifty day simple moving average is $51.76 and its two-hundred day simple moving average is $54.39. The company has a current ratio of 2.04, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16. GLOBALFOUNDRIES Inc. has a 12 month low of $45.52 and a 12 month high of $68.57. The company has a market cap of $25.39 billion, a price-to-earnings ratio of 25.19, a P/E/G ratio of 3.91 and a beta of 1.61.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its earnings results on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The company’s revenue was down 11.8% compared to the same quarter last year. During the same period last year, the business posted $1.37 EPS. Research analysts anticipate that GLOBALFOUNDRIES Inc. will post 1 earnings per share for the current fiscal year.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.