Mubadala Investment Co PJSC Has $18.13 Billion Position in GlobalFoundries Inc. (NASDAQ:GFS)

Mubadala Investment Co PJSC trimmed its holdings in shares of GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 4.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 450,387,613 shares of the company's stock after selling 19,114,381 shares during the period. GlobalFoundries comprises approximately 96.3% of Mubadala Investment Co PJSC's investment portfolio, making the stock its biggest position. Mubadala Investment Co PJSC owned approximately 81.63% of GlobalFoundries worth $18,128,101,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new stake in GlobalFoundries during the 3rd quarter worth about $34,000. US Bancorp DE lifted its position in shares of GlobalFoundries by 77.0% in the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company's stock valued at $49,000 after acquiring an additional 530 shares in the last quarter. Massmutual Trust Co. FSB ADV purchased a new stake in shares of GlobalFoundries in the 2nd quarter valued at approximately $59,000. AM Squared Ltd acquired a new position in GlobalFoundries in the 3rd quarter worth approximately $60,000. Finally, Advisors Asset Management Inc. grew its position in GlobalFoundries by 41.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company's stock worth $64,000 after purchasing an additional 463 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GFS. Evercore ISI reduced their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft cut 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. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $40.00 price target on shares of GlobalFoundries in a research note on Wednesday, November 6th. UBS Group began coverage on GlobalFoundries in a research report on Wednesday, November 20th. They set a "neutral" rating and a $47.00 price objective for the company. Finally, Robert W. Baird cut their price target on GlobalFoundries from $63.00 to $50.00 and set an "outperform" rating for the company in a research note on Wednesday, November 6th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $50.21.

GlobalFoundries Stock Performance

Shares of GFS traded down $0.84 during trading hours on Tuesday, reaching $44.11. 2,159,982 shares of the company traded hands, compared to its average volume of 1,631,167. GlobalFoundries Inc. has a 1-year low of $35.85 and a 1-year high of $62.61. The stock has a market cap of $24.34 billion, a P/E ratio of 33.54, a price-to-earnings-growth ratio of 10.45 and a beta of 1.53. The stock's fifty day moving average is $40.57 and its 200 day moving average is $45.96. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42.

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

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.