GlobalFoundries (NASDAQ:GFS) Coverage Initiated at UBS Group

UBS Group started coverage on shares of GlobalFoundries (NASDAQ:GFS - Free Report) in a research report report published on Wednesday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $47.00 target price on the stock.

Other research analysts have also issued reports about the stock. Robert W. Baird lowered their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an "outperform" rating on the stock in a research note on Wednesday, November 6th. Wedbush restated an "outperform" rating and issued a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday, November 5th. Citigroup reduced their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut their price target on shares of GlobalFoundries from $55.00 to $50.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $40.00 target price on shares of GlobalFoundries in a report on Wednesday, November 6th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $50.21.

GlobalFoundries Trading Down 1.7 %

GFS traded down $0.72 during trading on Wednesday, reaching $41.66. 1,449,696 shares of the company's stock were exchanged, compared to its average volume of 1,629,950. The company's fifty day moving average price is $40.34 and its 200-day moving average price is $46.21. 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 has a fifty-two week low of $35.85 and a fifty-two week high of $62.61. The firm has a market capitalization of $22.99 billion, a PE ratio of 30.80, a P/E/G ratio of 10.08 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.08. The company 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 business's quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the firm posted $0.47 earnings per share. As a group, equities analysts forecast that GlobalFoundries will post 1.22 EPS for the current year.

Institutional Trading of GlobalFoundries

A number of large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new position in GlobalFoundries in the third quarter valued at $34,000. US Bancorp DE grew its holdings in shares of GlobalFoundries by 77.0% during the third quarter. US Bancorp DE now owns 1,218 shares of the company's stock worth $49,000 after buying an additional 530 shares during the last quarter. Massmutual Trust Co. FSB ADV purchased a new position in shares of GlobalFoundries during the second quarter worth about $59,000. AM Squared Ltd purchased a new stake in GlobalFoundries in the 3rd quarter valued at approximately $60,000. Finally, Advisors Asset Management Inc. lifted its position in shares of GlobalFoundries by 41.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company's stock valued at $64,000 after acquiring an additional 463 shares during the period.

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.