Creative Planning Buys New Position in GlobalFoundries Inc. (NASDAQ:GFS)

Creative Planning bought a new stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 7,336 shares of the company’s stock, valued at approximately $295,000.

Other hedge funds also recently added to or reduced their stakes in the company. Marshall Wace LLP increased its holdings in shares of GlobalFoundries by 108.6% in the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock valued at $126,242,000 after purchasing an additional 1,299,687 shares during the period. Renaissance Technologies LLC increased its holdings in shares of GlobalFoundries by 267.7% in the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock valued at $17,901,000 after purchasing an additional 257,749 shares during the period. Ghisallo Capital Management LLC increased its holdings in shares of GlobalFoundries by 200.0% in the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock valued at $15,168,000 after purchasing an additional 200,000 shares during the period. Canada Pension Plan Investment Board increased its holdings in shares of GlobalFoundries by 128.5% in the second quarter. Canada Pension Plan Investment Board now owns 235,049 shares of the company’s stock valued at $11,884,000 after purchasing an additional 132,170 shares during the period. Finally, Select Equity Group L.P. increased its holdings in shares of GlobalFoundries by 207.1% in the second quarter. Select Equity Group L.P. now owns 187,238 shares of the company’s stock valued at $9,467,000 after purchasing an additional 126,266 shares during the period.

Analyst Upgrades and Downgrades

GFS has been the topic of a number of research reports. Susquehanna cut their price objective on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a report on Wednesday. Citigroup cut 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. Cantor Fitzgerald restated a “neutral” rating and issued a $40.00 target price on shares of GlobalFoundries in a research note on Wednesday. Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a research note on Wednesday. Finally, Wedbush restated an “outperform” rating and issued a $60.00 target price (down previously from $65.00) on shares of GlobalFoundries in a research note on Tuesday, November 5th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, GlobalFoundries presently has an average rating of “Hold” and an average price target of $50.46.

GlobalFoundries Stock Performance

Shares of GFS stock opened at $43.98 on Friday. The company has a market capitalization of $24.27 billion, a P/E ratio of 32.82, a P/E/G ratio of 7.56 and a beta of 1.53. The business’s 50 day moving average is $40.28 and its two-hundred day moving average is $46.51. The company has a current ratio of 2.42, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. GlobalFoundries Inc. has a 12-month low of $35.85 and a 12-month high of $62.61.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) 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 the consensus estimate of $1.73 billion. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. GlobalFoundries’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.47 earnings per share. Analysts expect 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.