International Assets Investment Management LLC Sells 1,820 Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

International Assets Investment Management LLC lowered its position in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 20.8% in the 1st quarter, Holdings Channel.com reports. The fund owned 6,950 shares of the company’s stock after selling 1,820 shares during the quarter. International Assets Investment Management LLC’s holdings in GLOBALFOUNDRIES were worth $360,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in GFS. Mubadala Investment Co PJSC purchased a new stake in shares of GLOBALFOUNDRIES during the fourth quarter valued at $28,451,821,000. Kodai Capital Management LP bought a new stake in shares of GLOBALFOUNDRIES in the fourth quarter worth approximately $67,351,000. Ameriprise Financial Inc. raised its holdings in shares of GLOBALFOUNDRIES by 36.1% during the third quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock valued at $183,931,000 after purchasing an additional 838,355 shares during the last quarter. Norges Bank bought a new position in GLOBALFOUNDRIES during the fourth quarter valued at approximately $18,629,000. Finally, Adage Capital Partners GP L.L.C. grew its position in GLOBALFOUNDRIES by 149.4% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 475,704 shares of the company’s stock worth $27,681,000 after purchasing an additional 285,000 shares during the period.

GLOBALFOUNDRIES Price Performance

Shares of GLOBALFOUNDRIES stock opened at $50.43 on Tuesday. The company has a market capitalization of $28.01 billion, a price-to-earnings ratio of 31.13, a PEG ratio of 4.80 and a beta of 1.57. The company has a quick ratio of 1.59, a current ratio of 2.18 and a debt-to-equity ratio of 0.22. The stock’s 50-day simple moving average is $49.98 and its 200-day simple moving average is $53.23. GLOBALFOUNDRIES Inc. has a 52 week low of $45.52 and a 52 week high of $68.57.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.09. GLOBALFOUNDRIES had a return on equity of 8.78% and a net margin of 12.66%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. As a group, analysts expect that GLOBALFOUNDRIES Inc. will post 1.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on GFS shares. Susquehanna increased their price target on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of GLOBALFOUNDRIES in a report on Wednesday, May 8th. Morgan Stanley lifted their price target on shares of GLOBALFOUNDRIES from $62.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Cantor Fitzgerald reissued 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. Finally, Evercore ISI started coverage on GLOBALFOUNDRIES in a report on Tuesday, April 16th. They issued an “outperform” rating and a $71.00 target price on the stock. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, GLOBALFOUNDRIES currently has a consensus rating of “Moderate Buy” and an average target price of $60.62.

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.