ICICI Prudential Asset Management Co Ltd Buys 1,141 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

ICICI Prudential Asset Management Co Ltd boosted its stake in GlobalFoundries Inc. (NASDAQ:GFS) by 18.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,200 shares of the company’s stock after purchasing an additional 1,141 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in GlobalFoundries were worth $290,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in GFS. Allspring Global Investments Holdings LLC purchased a new position in shares of GlobalFoundries in the 3rd quarter worth $34,000. US Bancorp DE boosted its position in GlobalFoundries by 77.0% in the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after purchasing an additional 530 shares during the last quarter. Massmutual Trust Co. FSB ADV bought a new stake in shares of GlobalFoundries during the 2nd quarter valued at about $59,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of GlobalFoundries during the 2nd quarter valued at about $65,000. Finally, CWM LLC lifted its stake in shares of GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock worth $68,000 after purchasing an additional 373 shares during the period.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Cantor Fitzgerald restated a “neutral” rating and set a $40.00 target price on shares of GlobalFoundries in a research report on Wednesday, November 6th. Susquehanna cut their price objective 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. Robert W. Baird decreased their target price on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a report on Wednesday, November 6th. Finally, Citigroup reduced their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, GlobalFoundries has an average rating of “Hold” and a consensus target price of $50.46.

GlobalFoundries Stock Performance

NASDAQ:GFS opened at $42.41 on Thursday. The stock has a 50-day moving average price of $40.20 and a 200 day moving average price of $46.40. The stock has a market capitalization of $23.40 billion, a P/E ratio of 31.65, a P/E/G ratio of 10.28 and a beta of 1.53. GlobalFoundries Inc. has a 12-month low of $35.85 and a 12-month high of $62.61. The company has a current ratio of 2.42, a quick ratio of 1.76 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The business had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the firm posted $0.47 EPS. The company’s revenue was down 6.1% on a year-over-year basis. Equities research analysts forecast that GlobalFoundries Inc. will post 1.22 EPS for the current fiscal year.

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.