Brokers Issue Forecasts for GlobalFoundries FY2024 Earnings

GlobalFoundries Inc. (NASDAQ:GFS - Free Report) - Equities research analysts at Wedbush cut their FY2024 earnings per share (EPS) estimates for GlobalFoundries in a research note issued on Tuesday, January 14th. Wedbush analyst M. Bryson now expects that the company will earn $0.91 per share for the year, down from their previous estimate of $1.25. Wedbush has a "Outperform" rating and a $60.00 price target on the stock. The consensus estimate for GlobalFoundries' current full-year earnings is $1.22 per share. Wedbush also issued estimates for GlobalFoundries' Q4 2024 earnings at $0.30 EPS and FY2025 earnings at $1.19 EPS.

Other research analysts have also issued reports about the stock. Robert W. Baird reduced their price target on shares of GlobalFoundries from $63.00 to $50.00 and set an "outperform" rating for the company in a research report on Wednesday, November 6th. Cantor Fitzgerald restated a "neutral" rating and issued a $40.00 target price on shares of GlobalFoundries in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a "hold" rating on shares of GlobalFoundries in a research report on Wednesday, November 6th. UBS Group assumed coverage on shares of GlobalFoundries in a research report on Wednesday, November 20th. They issued a "neutral" rating and a $47.00 price objective on the stock. Finally, Morgan Stanley lowered shares of GlobalFoundries from an "overweight" rating to an "equal weight" rating and dropped their target price for the company 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 assigned a buy rating to the company's stock. Based on data from MarketBeat, GlobalFoundries has a consensus rating of "Hold" and an average price target of $50.21.

GlobalFoundries Price Performance

Shares of GFS traded down $0.86 during midday trading on Thursday, hitting $40.98. 1,424,879 shares of the company traded hands, compared to its average volume of 1,272,978. GlobalFoundries has a one year low of $35.85 and a one year high of $61.98. The firm has a market cap of $22.61 billion, a P/E ratio of 30.58, a PEG ratio of 8.70 and a beta of 1.57. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76. The stock has a 50-day moving average of $43.10 and a 200-day moving average of $44.04.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its earnings results 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 for the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the previous year, the firm posted $0.47 EPS. The business's revenue for the quarter was down 6.1% compared to the same quarter last year.

Institutional Trading of GlobalFoundries

Several hedge funds have recently added to or reduced their stakes in GFS. Polianta Ltd purchased a new position in shares of GlobalFoundries in the fourth quarter worth about $1,317,000. Sanibel Captiva Trust Company Inc. grew its position in GlobalFoundries by 14.5% during the 4th quarter. Sanibel Captiva Trust Company Inc. now owns 9,470 shares of the company's stock worth $406,000 after acquiring an additional 1,200 shares during the last quarter. Tidal Investments LLC increased its stake in GlobalFoundries by 439.3% in the 3rd quarter. Tidal Investments LLC now owns 32,318 shares of the company's stock worth $1,301,000 after purchasing an additional 26,325 shares during the period. Sanctuary Advisors LLC bought a new stake in GlobalFoundries in the third quarter valued at approximately $689,000. Finally, Toronto Dominion Bank boosted its stake in shares of GlobalFoundries by 55.8% during the third quarter. Toronto Dominion Bank now owns 7,851 shares of the company's stock valued at $316,000 after purchasing an additional 2,811 shares during the period.

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.