Louisiana State Employees Retirement System Sells 1,700 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Louisiana State Employees Retirement System trimmed its holdings in GlobalFoundries Inc. (NASDAQ:GFS) by 3.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 42,100 shares of the company’s stock after selling 1,700 shares during the period. Louisiana State Employees Retirement System’s holdings in GlobalFoundries were worth $1,695,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ghisallo Capital Management LLC boosted its holdings in shares of GlobalFoundries by 200.0% during the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after buying an additional 200,000 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings 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 acquiring an additional 68,626 shares during the period. Lazard Asset Management LLC increased its stake in shares of GlobalFoundries by 47.3% during the first quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock worth $127,000 after purchasing an additional 786 shares during the period. Global X Japan Co. Ltd. lifted its holdings in GlobalFoundries by 52.0% during the 2nd quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company’s stock worth $3,218,000 after purchasing an additional 21,765 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in GlobalFoundries by 343.7% during the 1st quarter. Tidal Investments LLC now owns 94,320 shares of the company’s stock worth $4,915,000 after purchasing an additional 73,060 shares during the last quarter.

Analyst Ratings Changes

GFS has been the topic of several recent research reports. Wedbush reiterated an “outperform” rating and set a $65.00 price objective on shares of GlobalFoundries in a research report on Wednesday, August 7th. Cantor Fitzgerald dropped their price objective on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, August 7th. Finally, Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $53.00 to $43.00 in a research report on Monday. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $54.85.

GlobalFoundries Trading Down 6.4 %

Shares of GFS opened at $38.12 on Thursday. 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 52-week low of $37.94 and a 52-week high of $62.61. The firm has a market cap of $21.03 billion, a price-to-earnings ratio of 26.16, a PEG ratio of 6.35 and a beta of 1.52. The business’s fifty day moving average is $41.12 and its 200-day moving average is $46.87.

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 firm had revenue of $1.63 billion for 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 business’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.45 earnings per share. Equities analysts anticipate that GlobalFoundries Inc. will post 1.09 EPS for the current fiscal year.

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.