Charles Schwab Investment Management Inc. Buys 48,380 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Charles Schwab Investment Management Inc. lifted its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 22.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 262,872 shares of the company’s stock after acquiring an additional 48,380 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in GlobalFoundries were worth $11,280,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. FMR LLC boosted its stake in GlobalFoundries by 2.4% in the 3rd quarter. FMR LLC now owns 49,375,403 shares of the company’s stock worth $1,987,360,000 after purchasing an additional 1,160,403 shares during the period. Weiss Asset Management LP bought a new position in GlobalFoundries in the 3rd quarter worth approximately $8,361,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in GlobalFoundries by 1,935.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,210 shares of the company’s stock worth $5,120,000 after purchasing an additional 120,960 shares during the period. Shade Tree Advisors LLC bought a new position in GlobalFoundries in the 4th quarter worth approximately $5,096,000. Finally, Handelsbanken Fonder AB boosted its stake in GlobalFoundries by 381.9% in the 4th quarter. Handelsbanken Fonder AB now owns 136,270 shares of the company’s stock worth $5,847,000 after purchasing an additional 107,994 shares during the period.

Analysts Set New Price Targets

Several research analysts have weighed in on GFS shares. UBS Group dropped their price target on GlobalFoundries from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, February 12th. Morgan Stanley upped their price target on GlobalFoundries from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Wedbush restated an “outperform” rating and issued a $60.00 price target on shares of GlobalFoundries in a research note on Wednesday, February 12th. Finally, Needham & Company LLC raised GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Wednesday, February 12th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, GlobalFoundries presently has a consensus rating of “Moderate Buy” and an average price target of $49.64.

GlobalFoundries Stock Performance

NASDAQ:GFS opened at $38.63 on Friday. The stock’s fifty day moving average is $40.54 and its 200 day moving average is $41.25. GlobalFoundries Inc. has a fifty-two week low of $35.85 and a fifty-two week high of $61.98. The firm has a market capitalization of $21.31 billion, a PE ratio of -80.48, a PEG ratio of 1.42 and a beta of 1.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.57 and a current ratio of 2.11.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.07). GlobalFoundries had a negative net margin of 3.93% and a positive return on equity of 6.05%. On average, sell-side analysts anticipate that GlobalFoundries Inc. will post 1.31 earnings per share for the current year.

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.