Rhumbline Advisers Buys 9,427 Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Rhumbline Advisers grew its stake in GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 12.1% in the second quarter, HoldingsChannel.com reports. The fund owned 87,029 shares of the company’s stock after acquiring an additional 9,427 shares during the period. Rhumbline Advisers’ holdings in GLOBALFOUNDRIES were worth $4,400,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of GFS. Mubadala Investment Co PJSC bought a new position in GLOBALFOUNDRIES in the fourth quarter valued at approximately $28,451,821,000. First Trust Advisors LP grew its position in GLOBALFOUNDRIES by 9.9% in the fourth quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock valued at $135,750,000 after purchasing an additional 201,611 shares in the last quarter. Kodai Capital Management LP bought a new stake in GLOBALFOUNDRIES during the 4th quarter worth about $67,351,000. Mirae Asset Global Investments Co. Ltd. grew its stake in GLOBALFOUNDRIES by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock valued at $59,018,000 after purchasing an additional 68,626 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in GLOBALFOUNDRIES by 25.9% during the first quarter. ProShare Advisors LLC now owns 544,325 shares of the company’s stock worth $28,365,000 after acquiring an additional 112,149 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GFS shares. Cantor Fitzgerald restated a “neutral” rating and issued a $55.00 price target on shares of GLOBALFOUNDRIES in a research note on Tuesday, July 16th. Needham & Company LLC reissued a “hold” rating on shares of GLOBALFOUNDRIES in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reduced their price objective 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. Evercore ISI lowered their price target on GLOBALFOUNDRIES from $77.00 to $71.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Wedbush reissued an “outperform” rating and set a $65.00 target price on shares of GLOBALFOUNDRIES in a report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, GLOBALFOUNDRIES currently has a consensus rating of “Moderate Buy” and an average price target of $57.54.

GLOBALFOUNDRIES Trading Down 1.4 %

Shares of GFS stock opened at $39.19 on Tuesday. The company has a market cap of $21.62 billion, a P/E ratio of 24.19, a PEG ratio of 6.64 and a beta of 1.54. GLOBALFOUNDRIES Inc. has a fifty-two week low of $38.49 and a fifty-two week high of $62.61. The stock has a 50 day simple moving average of $47.20 and a two-hundred day simple moving average of $49.52. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22.

GLOBALFOUNDRIES (NASDAQ:GFS) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $1.61 billion. During the same quarter in the prior year, the company earned $0.45 earnings per share. The company’s quarterly revenue was down 11.5% on a year-over-year basis. Research analysts forecast that GLOBALFOUNDRIES Inc. will post 1.09 earnings per share for the current year.

GLOBALFOUNDRIES Company 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.