GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lowered its stake in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 4.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,648 shares of the company’s stock after selling 5,311 shares during the quarter. California Public Employees Retirement System’s holdings in GLOBALFOUNDRIES were worth $6,523,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC lifted its holdings in GLOBALFOUNDRIES by 18.7% during the 3rd quarter. FMR LLC now owns 35,205,461 shares of the company’s stock worth $2,048,606,000 after buying an additional 5,544,907 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in GLOBALFOUNDRIES by 36.1% in the third quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock worth $183,931,000 after purchasing an additional 838,355 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of GLOBALFOUNDRIES by 3.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 981,889 shares of the company’s stock valued at $57,136,000 after purchasing an additional 29,424 shares during the period. International Assets Investment Management LLC boosted its position in shares of GLOBALFOUNDRIES by 5,093.1% during the fourth quarter. International Assets Investment Management LLC now owns 531,462 shares of the company’s stock worth $32,207,000 after buying an additional 521,228 shares during the period. Finally, Bank of New York Mellon Corp increased its position in GLOBALFOUNDRIES by 19.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 501,176 shares of the company’s stock valued at $29,163,000 after acquiring an additional 80,381 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GFS. Evercore ISI began coverage on GLOBALFOUNDRIES in a research report on Tuesday, April 16th. They set an “outperform” rating and a $71.00 price target for the company. Cantor Fitzgerald reissued a “neutral” rating and set a $55.00 target price (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Susquehanna reaffirmed a “neutral” rating and issued a $48.00 price target (down from $65.00) on shares of GLOBALFOUNDRIES in a research note on Tuesday, March 5th. HSBC lowered their price objective on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a research note on Friday. Finally, Citigroup downgraded GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and cut their target price for the stock from $70.00 to $56.00 in a research report on Wednesday, February 14th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.46.

GLOBALFOUNDRIES Trading Up 2.1 %

Shares of NASDAQ GFS opened at $49.27 on Friday. The company has a quick ratio of 1.56, a current ratio of 2.04 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 $27.27 billion, a price-to-earnings ratio of 26.78, a P/E/G ratio of 4.08 and a beta of 1.61. The business has a fifty day simple moving average of $50.86 and a 200-day simple moving average of $53.92.

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

GLOBALFOUNDRIES Profile

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.