GlobalFoundries Inc. (NASDAQ:GFS) Shares Acquired by Select Equity Group L.P.

Select Equity Group L.P. boosted its stake in GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 207.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 187,238 shares of the company's stock after purchasing an additional 126,266 shares during the period. Select Equity Group L.P.'s holdings in GlobalFoundries were worth $9,467,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV purchased a new position in shares of GlobalFoundries in the second quarter valued at approximately $59,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of GlobalFoundries in the second quarter worth $65,000. CWM LLC increased its position in shares of GlobalFoundries by 38.6% during the second quarter. CWM LLC now owns 1,339 shares of the company's stock worth $68,000 after acquiring an additional 373 shares during the period. Lazard Asset Management LLC raised its stake in shares of GlobalFoundries by 47.3% in the first quarter. Lazard Asset Management LLC now owns 2,446 shares of the company's stock valued at $127,000 after acquiring an additional 786 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in GlobalFoundries by 128.8% in the first quarter. China Universal Asset Management Co. Ltd. now owns 2,471 shares of the company's stock valued at $129,000 after purchasing an additional 1,391 shares during the period.

GlobalFoundries Stock Performance

Shares of GlobalFoundries stock traded up $0.07 during trading hours on Friday, hitting $40.83. 649,249 shares of the company were exchanged, compared to its average volume of 1,585,201. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average of $44.71 and a 200-day moving average of $48.80. GlobalFoundries Inc. has a 1 year low of $38.49 and a 1 year high of $62.61. The stock has a market capitalization of $22.53 billion, a price-to-earnings ratio of 25.16, a P/E/G ratio of 6.36 and a beta of 1.54.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.28 by $0.10. The company had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The business's revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the business earned $0.45 EPS. As a group, analysts expect that GlobalFoundries Inc. will post 1.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GFS has been the topic of several recent research reports. Evercore ISI cut their price target on GlobalFoundries from $77.00 to $71.00 and set an "outperform" rating on the stock in a report on Wednesday, August 7th. Wedbush reaffirmed an "outperform" rating and issued a $65.00 target price on shares of GlobalFoundries in a report on Wednesday, August 7th. Needham & Company LLC reiterated a "hold" rating on shares of GlobalFoundries in a report on Wednesday, August 7th. Cantor Fitzgerald reiterated a "neutral" rating and set a $55.00 target price on shares of GlobalFoundries in a research note on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on GlobalFoundries from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $57.54.

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.