Daiwa Securities Group Inc. Decreases Stock Holdings in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Daiwa Securities Group Inc. trimmed its position in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 48.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,548 shares of the company’s stock after selling 29,776 shares during the period. Daiwa Securities Group Inc.’s holdings in GLOBALFOUNDRIES were worth $1,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of GFS. Mubadala Investment Co PJSC purchased a new stake in GLOBALFOUNDRIES during the 4th quarter valued at $28,451,821,000. Kodai Capital Management LP purchased a new stake in GLOBALFOUNDRIES during the 4th quarter valued at $67,351,000. Norges Bank purchased a new stake in GLOBALFOUNDRIES during the 4th quarter valued at $18,629,000. Dimensional Fund Advisors LP raised its holdings in GLOBALFOUNDRIES by 124.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 488,048 shares of the company’s stock valued at $29,581,000 after buying an additional 270,520 shares during the period. Finally, First Trust Advisors LP raised its holdings in GLOBALFOUNDRIES by 9.9% during the 4th quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock valued at $135,750,000 after buying an additional 201,611 shares during the period.

Wall Street Analysts Forecast Growth

GFS has been the topic of several recent research reports. Cantor Fitzgerald restated a “neutral” rating and set a $55.00 price target on shares of GLOBALFOUNDRIES in a report on Tuesday, July 16th. Needham & Company LLC reaffirmed a “hold” rating on shares of GLOBALFOUNDRIES in a research report on Wednesday, August 7th. TD Cowen cut their price objective on GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of GLOBALFOUNDRIES in a research report on Wednesday, August 7th. Finally, Evercore ISI cut their price objective on GLOBALFOUNDRIES from $77.00 to $71.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $57.54.

GLOBALFOUNDRIES Price Performance

GFS opened at $39.75 on Friday. GLOBALFOUNDRIES Inc. has a 12-month low of $39.12 and a 12-month high of $62.61. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. The business’s fifty day simple moving average is $47.49 and its 200-day simple moving average is $49.65. The company has a market capitalization of $21.93 billion, a price-to-earnings ratio of 24.54, a PEG ratio of 6.64 and a beta of 1.54.

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