Meridian Wealth Management LLC Sells 13,640 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Meridian Wealth Management LLC lowered its holdings in shares of GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 34.5% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,943 shares of the company's stock after selling 13,640 shares during the period. Meridian Wealth Management LLC's holdings in GlobalFoundries were worth $1,044,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of GFS. Ghisallo Capital Management LLC boosted its holdings in shares of GlobalFoundries by 200.0% during the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company's stock valued at $15,168,000 after acquiring an additional 200,000 shares in the last quarter. Lazard Asset Management LLC grew its holdings in GlobalFoundries by 47.3% during the 1st quarter. Lazard Asset Management LLC now owns 2,446 shares of the company's stock worth $127,000 after acquiring an additional 786 shares during the last quarter. Global X Japan Co. Ltd. raised its stake in shares of GlobalFoundries by 52.0% during the second quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company's stock valued at $3,218,000 after acquiring an additional 21,765 shares during the last quarter. Versor Investments LP lifted its holdings in shares of GlobalFoundries by 167.7% during the third quarter. Versor Investments LP now owns 19,008 shares of the company's stock worth $765,000 after purchasing an additional 11,908 shares during the period. Finally, Tidal Investments LLC grew its stake in shares of GlobalFoundries by 343.7% in the first quarter. Tidal Investments LLC now owns 94,320 shares of the company's stock worth $4,915,000 after purchasing an additional 73,060 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GFS shares. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $40.00 target price on shares of GlobalFoundries in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft cut their price objective on GlobalFoundries from $55.00 to $50.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a "hold" rating on shares of GlobalFoundries in a report on Wednesday, November 6th. Evercore ISI lowered their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, November 6th. Finally, Robert W. Baird dropped their price target on shares of GlobalFoundries from $63.00 to $50.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 6th. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $50.21.

GlobalFoundries Stock Up 1.9 %

NASDAQ GFS traded up $0.80 on Friday, reaching $42.80. The company had a trading volume of 1,479,918 shares, compared to its average volume of 2,483,587. GlobalFoundries Inc. has a 52-week low of $35.85 and a 52-week high of $62.61. 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 stock has a market capitalization of $23.62 billion, a P/E ratio of 31.94, a P/E/G ratio of 10.26 and a beta of 1.53. The company's fifty day moving average is $40.46 and its 200 day moving average is $46.05.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate 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 period in the previous year, the company earned $0.47 earnings per share. The firm's revenue for the quarter was down 6.1% compared to the same quarter last year. Sell-side analysts anticipate that GlobalFoundries Inc. will post 1.22 earnings per share for the current fiscal year.

GlobalFoundries 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.