Intech Investment Management LLC Sells 1,647 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Intech Investment Management LLC lowered its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 20.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,501 shares of the company’s stock after selling 1,647 shares during the quarter. Intech Investment Management LLC’s holdings in GlobalFoundries were worth $329,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Mubadala Investment Co PJSC acquired a new stake in shares of GlobalFoundries in the 4th quarter valued at $28,451,821,000. First Trust Advisors LP lifted its stake in GlobalFoundries by 9.9% in the 4th 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 during the last quarter. Kodai Capital Management LP acquired a new stake in GlobalFoundries in the fourth quarter valued at approximately $67,351,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of GlobalFoundries by 7.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock worth $59,018,000 after buying an additional 68,626 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of GlobalFoundries by 13.5% during the second quarter. Dimensional Fund Advisors LP now owns 653,918 shares of the company’s stock worth $33,063,000 after buying an additional 77,581 shares in the last quarter.

GlobalFoundries Trading Up 0.5 %

Shares of GFS stock opened at $40.95 on Friday. The company has a market cap of $22.59 billion, a P/E ratio of 25.28, a PEG ratio of 6.36 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 $44.71 and a two-hundred day simple moving average of $48.80. 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 released its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (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 net margin of 11.82% and a return on equity of 7.75%. GlobalFoundries’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. Research analysts forecast that GlobalFoundries Inc. will post 1.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GFS shares. Evercore ISI reduced 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. TD Cowen lowered their price objective on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft cut their target price on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $65.00 price target on shares of GlobalFoundries in a research report on Wednesday, August 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a report on Wednesday, August 7th. Seven 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, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.54.

GlobalFoundries 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.