Intech Investment Management LLC Raises Position in GlobalFoundries Inc. (NASDAQ:GFS)

Intech Investment Management LLC lifted its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 33.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 8,656 shares of the company’s stock after buying an additional 2,155 shares during the quarter. Intech Investment Management LLC’s holdings in GlobalFoundries were worth $348,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of GFS. Allspring Global Investments Holdings LLC purchased a new position in GlobalFoundries in the 3rd quarter valued at approximately $34,000. Massmutual Trust Co. FSB ADV purchased a new position in GlobalFoundries in the 2nd quarter valued at approximately $59,000. US Bancorp DE grew its stake in GlobalFoundries by 77.0% in the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after buying an additional 530 shares in the last quarter. CWM LLC grew its stake in GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after buying an additional 373 shares in the last quarter. Finally, AM Squared Ltd bought a new position in GlobalFoundries in the 3rd quarter valued at $60,000.

GlobalFoundries Stock Performance

GlobalFoundries stock opened at $44.63 on Wednesday. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $24.63 billion, a PE ratio of 33.31, a P/E/G ratio of 11.02 and a beta of 1.59. The firm has a fifty day simple moving average of $41.09 and a two-hundred day simple moving average of $45.55. GlobalFoundries Inc. has a twelve month low of $35.85 and a twelve month high of $62.61.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly 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. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.47 earnings per share. Research analysts expect that GlobalFoundries Inc. will post 1.22 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on GFS. Evercore ISI cut their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. UBS Group began coverage on shares of GlobalFoundries in a report on Wednesday, November 20th. They issued a “neutral” rating and a $47.00 price target for the company. Wedbush reissued an “outperform” rating and issued a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a report on Tuesday, November 5th. Morgan Stanley downgraded shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $53.00 to $43.00 in a report on Monday, October 28th. Finally, Robert W. Baird cut their price target on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Nine 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 data from MarketBeat.com, GlobalFoundries presently has an average rating of “Hold” and an average price target of $50.21.

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.