UBS Group Initiates Coverage on GlobalFoundries (NASDAQ:GFS)

UBS Group assumed coverage on shares of GlobalFoundries (NASDAQ:GFS) in a research note issued to investors on Wednesday morning, MarketBeat reports. The firm issued a neutral rating and a $47.00 price objective on the stock.

GFS has been the topic of a number of other reports. Robert W. Baird decreased their price objective on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Citigroup decreased their price objective on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. Susquehanna decreased their price objective on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th. Evercore ISI decreased their price objective on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Finally, Morgan Stanley cut GlobalFoundries from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $53.00 to $43.00 in a report on Monday, October 28th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $50.21.

GlobalFoundries Trading Up 1.9 %

Shares of GlobalFoundries stock opened at $42.80 on Wednesday. The stock has a market cap of $23.62 billion, a P/E ratio of 31.94, a P/E/G ratio of 10.26 and a beta of 1.53. The stock’s 50 day simple moving average is $40.46 and its 200-day simple moving average is $46.10. GlobalFoundries has a 1-year low of $35.85 and a 1-year high of $62.61. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.08. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the firm posted $0.47 EPS. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. Analysts predict that GlobalFoundries will post 1.22 EPS for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of GlobalFoundries during the 3rd quarter worth approximately $34,000. US Bancorp DE raised its position in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after purchasing an additional 530 shares during the last quarter. Massmutual Trust Co. FSB ADV acquired a new position in shares of GlobalFoundries during the 2nd quarter worth approximately $59,000. AM Squared Ltd acquired a new position in shares of GlobalFoundries during the 3rd quarter worth approximately $60,000. Finally, Advisors Asset Management Inc. raised its position in shares of GlobalFoundries by 41.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock worth $64,000 after purchasing an additional 463 shares during the last quarter.

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.