International Assets Investment Management LLC Purchases 151,384 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

International Assets Investment Management LLC grew its position in GlobalFoundries Inc. (NASDAQ:GFS) by 2,162.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 158,384 shares of the company’s stock after acquiring an additional 151,384 shares during the period. International Assets Investment Management LLC’s holdings in GlobalFoundries were worth $63,750,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of GFS. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of GlobalFoundries by 17.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 83,162 shares of the company’s stock valued at $4,334,000 after acquiring an additional 12,487 shares during the last quarter. Norden Group LLC bought a new position in shares of GlobalFoundries in the first quarter valued at approximately $400,000. Principal Financial Group Inc. raised its position in GlobalFoundries by 32.5% in the 1st quarter. Principal Financial Group Inc. now owns 6,530 shares of the company’s stock worth $340,000 after purchasing an additional 1,603 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in GlobalFoundries by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock worth $59,018,000 after purchasing an additional 68,626 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its position in GlobalFoundries by 3.6% in the 1st quarter. Daiwa Securities Group Inc. now owns 61,324 shares of the company’s stock worth $3,195,000 after purchasing an additional 2,159 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and set a $65.00 target price on shares of GlobalFoundries in a report on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a report on Wednesday, August 7th. TD Cowen lowered their target price on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Evercore ISI lowered their target price on shares of GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $56.38.

GlobalFoundries Price Performance

Shares of GFS stock opened at $40.40 on Friday. GlobalFoundries Inc. has a 12-month low of $37.94 and a 12-month high of $62.61. The firm has a market capitalization of $22.29 billion, a price-to-earnings ratio of 24.94, a price-to-earnings-growth ratio of 6.35 and a beta of 1.52. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. The firm has a fifty day moving average of $41.34 and a 200-day moving average of $47.02.

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

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.