Meridian Wealth Management LLC Sells 10,224 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Meridian Wealth Management LLC lessened its holdings in GlobalFoundries Inc. (NASDAQ:GFS) by 39.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,719 shares of the company’s stock after selling 10,224 shares during the quarter. Meridian Wealth Management LLC’s holdings in GlobalFoundries were worth $675,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. FMR LLC raised its holdings in GlobalFoundries by 2.4% in the 3rd quarter. FMR LLC now owns 49,375,403 shares of the company’s stock valued at $1,987,360,000 after buying an additional 1,160,403 shares during the last quarter. State Street Corp raised its holdings in GlobalFoundries by 8.3% in the 3rd quarter. State Street Corp now owns 1,275,554 shares of the company’s stock valued at $51,341,000 after buying an additional 98,084 shares during the last quarter. Citigroup Inc. raised its holdings in GlobalFoundries by 16.0% in the 3rd quarter. Citigroup Inc. now owns 628,259 shares of the company’s stock valued at $25,287,000 after buying an additional 86,740 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in GlobalFoundries by 16.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,492 shares of the company’s stock valued at $8,633,000 after buying an additional 29,785 shares during the last quarter. Finally, Weiss Asset Management LP bought a new position in GlobalFoundries in the 3rd quarter valued at approximately $8,361,000.

GlobalFoundries Stock Performance

Shares of GFS stock opened at $37.57 on Wednesday. The company has a market cap of $20.73 billion, a price-to-earnings ratio of -78.27, a price-to-earnings-growth ratio of 1.42 and a beta of 1.56. GlobalFoundries Inc. has a 52 week low of $35.85 and a 52 week high of $61.98. The company has a quick ratio of 1.57, a current ratio of 2.11 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average of $41.78 and a 200-day moving average of $41.89.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share (EPS) 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, equities analysts forecast that GlobalFoundries Inc. will post 1.31 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective on shares of GlobalFoundries in a report on Wednesday, February 12th. UBS Group decreased their target price on shares of GlobalFoundries from $47.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Cantor Fitzgerald reissued a “neutral” rating and set a $40.00 target price on shares of GlobalFoundries in a research report on Wednesday, November 6th. Susquehanna decreased their target price on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $49.64.

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.