GlobalFoundries (NASDAQ:GFS) Downgraded by Morgan Stanley

Morgan Stanley lowered shares of GlobalFoundries (NASDAQ:GFS) from an overweight rating to an equal weight rating in a research note issued to investors on Monday, MarketBeat Ratings reports. Morgan Stanley currently has $43.00 price target on the stock, down from their previous price target of $53.00.

A number of other research analysts have also recently issued reports on GFS. Evercore ISI lowered their price objective on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered their price objective on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a research note 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. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a report on Wednesday, August 7th. Finally, Wedbush reissued an “outperform” rating and issued a $65.00 target price on shares of GlobalFoundries in a report on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $54.85.

GlobalFoundries Trading Down 0.4 %

GFS opened at $40.24 on Monday. The stock has a market cap of $22.20 billion, a PE ratio of 24.84, a PEG 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 business has a 50 day moving average of $41.34 and a 200-day moving average of $47.00. GlobalFoundries has a 52 week low of $37.94 and a 52 week high of $62.61.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data 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 business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 earnings per share. Equities research analysts predict that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

Institutional Trading of GlobalFoundries

Several hedge funds have recently bought and sold shares of GFS. Marshall Wace LLP grew its holdings in GlobalFoundries by 108.6% during the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock valued at $126,242,000 after purchasing an additional 1,299,687 shares during the period. Renaissance Technologies LLC grew its holdings in GlobalFoundries by 267.7% during the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock valued at $17,901,000 after purchasing an additional 257,749 shares during the period. Ghisallo Capital Management LLC grew its holdings in GlobalFoundries by 200.0% during the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock valued at $15,168,000 after purchasing an additional 200,000 shares during the period. International Assets Investment Management LLC grew its holdings in GlobalFoundries by 2,162.6% during the third quarter. International Assets Investment Management LLC now owns 158,384 shares of the company’s stock valued at $63,750,000 after purchasing an additional 151,384 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in GlobalFoundries by 128.5% during the second quarter. Canada Pension Plan Investment Board now owns 235,049 shares of the company’s stock valued at $11,884,000 after purchasing an additional 132,170 shares during the period.

GlobalFoundries Company 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.