GLOBALFOUNDRIES (NASDAQ:GFS) Reaches New 52-Week Low at $38.98

Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) hit a new 52-week low on Monday . The company traded as low as $38.98 and last traded at $38.98, with a volume of 216633 shares trading hands. The stock had previously closed at $39.75.

Analysts Set New Price Targets

Several brokerages have issued reports on GFS. TD Cowen lowered their target price on shares of GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Wedbush reissued an “outperform” rating and issued a $65.00 price target on shares of GLOBALFOUNDRIES in a research note on Wednesday, August 7th. Evercore ISI dropped their price objective on shares of GLOBALFOUNDRIES from $77.00 to $71.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of GLOBALFOUNDRIES from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of GLOBALFOUNDRIES in a report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, GLOBALFOUNDRIES currently has an average rating of “Moderate Buy” and a consensus price target of $57.54.

GLOBALFOUNDRIES Stock Down 2.1 %

The stock has a market capitalization of $21.46 billion, a price-to-earnings ratio of 24.38, a PEG ratio of 6.64 and a beta of 1.54. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. The business has a fifty day moving average of $47.49 and a 200 day moving average of $49.63.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its earnings results on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.10. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. GLOBALFOUNDRIES had a return on equity of 7.75% and a net margin of 11.82%. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 earnings per share. As a group, equities analysts predict that GLOBALFOUNDRIES Inc. will post 1.09 earnings per share for the current year.

Institutional Investors Weigh In On GLOBALFOUNDRIES

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Private Advisor Group LLC grew its stake in shares of GLOBALFOUNDRIES by 29.6% in the fourth quarter. Private Advisor Group LLC now owns 7,931 shares of the company’s stock valued at $481,000 after buying an additional 1,811 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in GLOBALFOUNDRIES by 19.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 143,870 shares of the company’s stock valued at $8,719,000 after acquiring an additional 23,414 shares during the period. Dimensional Fund Advisors LP grew its position in GLOBALFOUNDRIES by 124.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 488,048 shares of the company’s stock valued at $29,581,000 after acquiring an additional 270,520 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in GLOBALFOUNDRIES by 4.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 31,742 shares of the company’s stock worth $1,810,000 after purchasing an additional 1,320 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in shares of GLOBALFOUNDRIES by 13.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,797 shares of the company’s stock worth $1,684,000 after purchasing an additional 3,345 shares in the last quarter.

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.