The Manufacturers Life Insurance Company Decreases Stock Holdings in GlobalFoundries Inc. (NASDAQ:GFS)

The Manufacturers Life Insurance Company reduced its position in shares of GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 97.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,852 shares of the company's stock after selling 353,970 shares during the period. The Manufacturers Life Insurance Company's holdings in GlobalFoundries were worth $498,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Massmutual Trust Co. FSB ADV acquired a new stake in GlobalFoundries during the 2nd quarter worth $59,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in GlobalFoundries during the 2nd quarter worth $65,000. CWM LLC raised its stake in GlobalFoundries by 38.6% during the 2nd quarter. CWM LLC now owns 1,339 shares of the company's stock worth $68,000 after acquiring an additional 373 shares in the last quarter. Lazard Asset Management LLC raised its stake 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 in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its stake in GlobalFoundries by 17.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 4,687 shares of the company's stock worth $237,000 after acquiring an additional 688 shares in the last quarter.

Analysts Set New Price Targets

Several equities research analysts recently commented on GFS shares. Deutsche Bank Aktiengesellschaft cut their price target on shares of GlobalFoundries from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. 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 note on Wednesday, August 7th. Wedbush restated an "outperform" rating and issued a $65.00 price objective on shares of GlobalFoundries in a research note on Wednesday, August 7th. Needham & Company LLC restated a "hold" rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Finally, Cantor Fitzgerald dropped their price objective on shares of GlobalFoundries from $55.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 8th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, GlobalFoundries has a consensus rating of "Moderate Buy" and a consensus price target of $56.38.

GlobalFoundries Stock Performance

Shares of GlobalFoundries stock traded up $0.10 on Thursday, reaching $40.40. 1,008,597 shares of the stock were exchanged, compared to its average volume of 1,560,048. GlobalFoundries Inc. has a 1-year low of $38.45 and a 1-year high of $62.61. 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 fifty day moving average price of $42.00 and a two-hundred day moving average price of $47.57. The firm has a market capitalization of $22.29 billion, a PE ratio of 24.88, a PEG ratio of 6.45 and a beta of 1.52.

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