Meridian Wealth Management LLC Sells 10,224 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Meridian Wealth Management LLC lowered its position in shares of GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 39.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,719 shares of the company's stock after selling 10,224 shares during the quarter. Meridian Wealth Management LLC's holdings in GlobalFoundries were worth $675,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. FMR LLC raised its stake in GlobalFoundries by 2.4% in the 3rd quarter. FMR LLC now owns 49,375,403 shares of the company's stock worth $1,987,360,000 after purchasing an additional 1,160,403 shares in the last quarter. Weiss Asset Management LP acquired a new stake in shares of GlobalFoundries in the third quarter valued at approximately $8,361,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of GlobalFoundries by 1,935.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,210 shares of the company's stock valued at $5,120,000 after buying an additional 120,960 shares during the period. Shade Tree Advisors LLC acquired a new stake in GlobalFoundries during the fourth quarter worth approximately $5,096,000. Finally, Handelsbanken Fonder AB increased its stake in GlobalFoundries by 381.9% during the 4th quarter. Handelsbanken Fonder AB now owns 136,270 shares of the company's stock worth $5,847,000 after acquiring an additional 107,994 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GFS. Morgan Stanley upped their target price on GlobalFoundries from $40.00 to $42.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 12th. Needham & Company LLC raised GlobalFoundries from a "hold" rating to a "buy" rating and set a $50.00 price target for the company in a research note on Wednesday, February 12th. Wedbush reiterated an "outperform" rating and set a $60.00 price objective on shares of GlobalFoundries in a research note on Wednesday, February 12th. Finally, UBS Group decreased their target price on shares of GlobalFoundries from $47.00 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, February 12th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $49.64.

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GlobalFoundries Price Performance

GlobalFoundries stock traded up $1.61 during mid-day trading on Friday, reaching $40.00. The company had a trading volume of 2,293,512 shares, compared to its average volume of 2,188,371. The company has a current ratio of 2.11, a quick ratio of 1.57 and a debt-to-equity ratio of 0.14. GlobalFoundries Inc. has a fifty-two week low of $35.85 and a fifty-two week high of $61.98. The company has a market cap of $22.07 billion, a P/E ratio of -83.33, a P/E/G ratio of 1.42 and a beta of 1.57. The business has a fifty day simple moving average of $41.44 and a 200 day simple moving average of $41.79.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.45 by ($0.07). GlobalFoundries had a positive return on equity of 6.05% and a negative net margin of 3.93%. On average, equities research analysts predict that GlobalFoundries Inc. will post 1.31 earnings per share for the current 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.