GlobalFoundries (NASDAQ:GFS) Trading Up 5.4% – Time to Buy?

GlobalFoundries Inc. (NASDAQ:GFS) shares were up 5.4% during trading on Monday . The stock traded as high as $44.80 and last traded at $43.98. Approximately 544,588 shares traded hands during trading, a decline of 66% from the average daily volume of 1,621,634 shares. The stock had previously closed at $41.72.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $40.00 price target on shares of GlobalFoundries in a research note on Wednesday, November 6th. UBS Group initiated coverage on GlobalFoundries in a research report on Wednesday, November 20th. They set a “neutral” rating and a $47.00 target price on the stock. Wedbush reissued an “outperform” rating and issued a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Morgan Stanley lowered shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $53.00 to $43.00 in a research report on Monday, October 28th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $50.21.

GlobalFoundries Trading Up 5.6 %

The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The firm’s 50 day moving average is $42.07 and its two-hundred day moving average is $44.91. The stock has a market cap of $24.30 billion, a price-to-earnings ratio of 32.87, a price-to-earnings-growth ratio of 10.71 and a beta of 1.59.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, beating 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 company’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the company earned $0.47 earnings per share. Equities analysts anticipate that GlobalFoundries Inc. will post 1.22 EPS for the current year.

Institutional Investors Weigh In On GlobalFoundries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GFS. Allspring Global Investments Holdings LLC bought a new stake in GlobalFoundries in the third quarter worth about $34,000. US Bancorp DE boosted its stake in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after acquiring an additional 530 shares in the last quarter. AM Squared Ltd purchased a new stake in GlobalFoundries during the third quarter valued at about $60,000. Advisors Asset Management Inc. boosted its holdings in shares of GlobalFoundries by 41.0% in the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock worth $64,000 after buying an additional 463 shares during the period. Finally, Truvestments Capital LLC purchased a new position in shares of GlobalFoundries in the third quarter worth approximately $66,000.

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.