GlobalFoundries Inc. (NASDAQ:GFS) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in GlobalFoundries Inc. (NASDAQ:GFS) by 11.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,528 shares of the company’s stock after selling 813 shares during the period. Principal Financial Group Inc.’s holdings in GlobalFoundries were worth $263,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Rhumbline Advisers grew its holdings in GlobalFoundries by 12.1% during the second quarter. Rhumbline Advisers now owns 87,029 shares of the company’s stock worth $4,400,000 after acquiring an additional 9,427 shares during the period. Victory Capital Management Inc. grew its stake in shares of GlobalFoundries by 0.5% during the 2nd quarter. Victory Capital Management Inc. now owns 251,210 shares of the company’s stock worth $12,701,000 after purchasing an additional 1,282 shares during the period. Global X Japan Co. Ltd. increased its holdings in shares of GlobalFoundries by 52.0% in the 2nd quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company’s stock valued at $3,218,000 after purchasing an additional 21,765 shares in the last quarter. Royal London Asset Management Ltd. increased its holdings in shares of GlobalFoundries by 1.3% in the 2nd quarter. Royal London Asset Management Ltd. now owns 34,765 shares of the company’s stock valued at $1,758,000 after purchasing an additional 450 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of GlobalFoundries by 13.5% in the second quarter. Dimensional Fund Advisors LP now owns 653,918 shares of the company’s stock valued at $33,063,000 after purchasing an additional 77,581 shares during the period.

GlobalFoundries Stock Performance

Shares of GFS opened at $43.78 on Tuesday. GlobalFoundries Inc. has a 1 year low of $35.85 and a 1 year high of $61.98. The company’s 50 day simple moving average is $42.88 and its 200 day simple moving average is $44.46. The company has a market capitalization of $24.16 billion, a price-to-earnings ratio of 32.67, a PEG ratio of 10.71 and a beta of 1.57. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42.

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

Analyst Upgrades and Downgrades

GFS has been the topic of several recent analyst reports. Evercore ISI lowered their target price on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $53.00 to $43.00 in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft reduced their price objective on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. UBS Group began coverage on GlobalFoundries in a research report on Wednesday, November 20th. They issued a “neutral” rating and a $47.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, November 6th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, GlobalFoundries has an average rating of “Hold” and a consensus target price of $50.21.

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.