Morgan Stanley Lowers GlobalFoundries (NASDAQ:GFS) to Equal Weight

GlobalFoundries (NASDAQ:GFS - Get Free Report) was downgraded by research analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating in a research note issued on Monday, MarketBeat reports. They presently have a $43.00 price target on the stock, down from their previous price target of $53.00. Morgan Stanley's price objective would indicate a potential upside of 6.86% from the company's current price.

Several other research analysts also recently commented on GFS. Deutsche Bank Aktiengesellschaft reduced their target price on GlobalFoundries from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. Cantor Fitzgerald decreased their price objective on shares of GlobalFoundries from $55.00 to $40.00 and set a "neutral" rating on the stock in a report on Tuesday, October 8th. Evercore ISI dropped their price objective on shares of GlobalFoundries from $77.00 to $71.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. Wedbush reaffirmed an "outperform" rating and set a $65.00 target price on shares of GlobalFoundries in a report on Wednesday, August 7th. Finally, TD Cowen lowered their price target on shares of GlobalFoundries from $65.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $54.85.

GlobalFoundries Stock Down 0.4 %

GFS traded down $0.16 during trading on Monday, reaching $40.24. 1,233,799 shares of the stock were exchanged, compared to its average volume of 1,545,120. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22. The stock's 50 day moving average price is $41.34 and its two-hundred day moving average price is $47.00. GlobalFoundries has a twelve month low of $37.94 and a twelve month high of $62.61. The stock has a market cap of $22.20 billion, a P/E ratio of 24.85, a price-to-earnings-growth ratio of 6.35 and a beta of 1.52.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.10. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. GlobalFoundries's revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 EPS. Equities analysts expect that GlobalFoundries will post 1.09 EPS for the current year.

Institutional Trading of GlobalFoundries

Several large investors have recently modified their holdings of GFS. US Bancorp DE lifted its holdings in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company's stock worth $49,000 after acquiring an additional 530 shares during the period. Pinnacle Associates Ltd. acquired a new position in GlobalFoundries during the third quarter valued at approximately $382,000. China Universal Asset Management Co. Ltd. raised its position in GlobalFoundries by 111.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 6,996 shares of the company's stock valued at $282,000 after purchasing an additional 3,680 shares in the last quarter. abrdn plc lifted its stake in GlobalFoundries by 48.0% during the third quarter. abrdn plc now owns 34,643 shares of the company's stock worth $1,394,000 after purchasing an additional 11,243 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of GlobalFoundries by 4.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company's stock valued at $357,000 after purchasing an additional 340 shares in the last quarter.

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.