Bank of Montreal Can Reduces Position in GlobalFoundries Inc. (NASDAQ:GFS)

Bank of Montreal Can reduced its stake in GlobalFoundries Inc. (NASDAQ:GFS) by 13.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 238,036 shares of the company’s stock after selling 36,054 shares during the quarter. Bank of Montreal Can’s holdings in GlobalFoundries were worth $12,145,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in GFS. Mubadala Investment Co PJSC purchased a new stake in GlobalFoundries in the 4th quarter worth approximately $28,451,821,000. Kodai Capital Management LP purchased a new stake in shares of GlobalFoundries in the fourth quarter valued at $67,351,000. Norges Bank acquired a new position in GlobalFoundries in the fourth quarter valued at $18,629,000. Dimensional Fund Advisors LP lifted its position in GlobalFoundries by 124.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 488,048 shares of the company’s stock worth $29,581,000 after buying an additional 270,520 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in GlobalFoundries by 267.7% in the 2nd quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock worth $17,901,000 after buying an additional 257,749 shares during the last quarter.

GlobalFoundries Stock Performance

GlobalFoundries stock opened at $40.95 on Monday. 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 Inc. has a one year low of $38.49 and a one year high of $62.61. The stock’s 50 day moving average price is $44.42 and its 200 day moving average price is $48.68. The firm has a market capitalization of $22.59 billion, a PE ratio of 25.28, a price-to-earnings-growth ratio of 6.36 and a beta of 1.54.

GlobalFoundries (NASDAQ:GFS) last announced its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.10. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, sell-side analysts expect that GlobalFoundries Inc. will post 1.09 EPS for the current fiscal year.

Analyst Ratings Changes

GFS has been the subject of a number of research analyst reports. TD Cowen dropped their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Evercore ISI cut their price target on shares of GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $55.00 price target on shares of GlobalFoundries in a report on Tuesday, July 16th. Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on GlobalFoundries from $60.00 to $55.00 and set a “buy” 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.54.

About GlobalFoundries

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.