ICICI Prudential Asset Management Co Ltd Grows Position in GlobalFoundries Inc. (NASDAQ:GFS)

ICICI Prudential Asset Management Co Ltd increased its position in GlobalFoundries Inc. (NASDAQ:GFS) by 18.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,200 shares of the company’s stock after buying an additional 1,141 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in GlobalFoundries were worth $290,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GFS. DekaBank Deutsche Girozentrale lifted its holdings in GlobalFoundries by 4.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company’s stock worth $357,000 after buying an additional 340 shares during the period. CWM LLC raised its holdings in GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock worth $68,000 after purchasing an additional 373 shares in the last quarter. Pacer Advisors Inc. raised its holdings in GlobalFoundries by 1.7% in the 2nd quarter. Pacer Advisors Inc. now owns 26,359 shares of the company’s stock worth $1,333,000 after purchasing an additional 444 shares in the last quarter. Royal London Asset Management Ltd. lifted its position in shares of GlobalFoundries by 1.3% in the 2nd quarter. Royal London Asset Management Ltd. now owns 34,765 shares of the company’s stock worth $1,758,000 after purchasing an additional 450 shares during the period. Finally, Profund Advisors LLC boosted its stake in shares of GlobalFoundries by 1.1% during the 2nd quarter. Profund Advisors LLC now owns 45,626 shares of the company’s stock valued at $2,307,000 after purchasing an additional 515 shares in the last quarter.

GlobalFoundries Stock Performance

Shares of GlobalFoundries stock opened at $42.41 on Thursday. GlobalFoundries Inc. has a 1 year low of $35.85 and a 1 year high of $62.61. The firm’s 50-day moving average is $40.20 and its 200 day moving average is $46.40. The stock has a market cap of $23.40 billion, a price-to-earnings ratio of 31.65, a PEG ratio of 10.28 and a beta of 1.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm posted $0.47 earnings per share. The business’s revenue was down 6.1% on a year-over-year basis. Sell-side analysts anticipate that GlobalFoundries Inc. will post 1.22 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on GFS. Cantor Fitzgerald restated a “neutral” rating and issued a $40.00 price objective on shares of GlobalFoundries in a report on Wednesday, November 6th. Susquehanna lowered their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. Evercore ISI dropped their price target on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a report on Wednesday, November 6th. Finally, Robert W. Baird lowered their price objective on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Eight equities 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.com, the stock has a consensus rating of “Hold” and an average target price of $50.46.

GlobalFoundries Company Profile

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.