GlobalFoundries Inc. (NASDAQ:GFS) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. cut its stake in GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 2.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 849,538 shares of the company's stock after selling 21,812 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.15% of GlobalFoundries worth $34,789,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Marshall Wace LLP boosted its holdings in GlobalFoundries by 108.6% during the second quarter. Marshall Wace LLP now owns 2,496,871 shares of the company's stock valued at $126,242,000 after acquiring an additional 1,299,687 shares during the period. Renaissance Technologies LLC boosted its stake in GlobalFoundries by 267.7% in the second quarter. Renaissance Technologies LLC now owns 354,049 shares of the company's stock valued at $17,901,000 after acquiring an additional 257,749 shares during the last quarter. Ghisallo Capital Management LLC boosted its stake in GlobalFoundries by 200.0% in the second 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 during the last quarter. International Assets Investment Management LLC boosted its stake in GlobalFoundries by 2,162.6% in the third quarter. International Assets Investment Management LLC now owns 158,384 shares of the company's stock valued at $63,750,000 after acquiring an additional 151,384 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of GlobalFoundries by 128.5% during the second quarter. Canada Pension Plan Investment Board now owns 235,049 shares of the company's stock worth $11,884,000 after purchasing an additional 132,170 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GFS. 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 report on Tuesday, October 8th. Needham & Company LLC reiterated a "hold" rating on shares of GlobalFoundries in a research report on Wednesday, August 7th. Wedbush restated an "outperform" rating and issued a $65.00 price target on shares of GlobalFoundries in a research report on Wednesday, August 7th. TD Cowen cut their target price on shares of GlobalFoundries from $65.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of GlobalFoundries from $60.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.38.

GlobalFoundries Stock Performance

Shares of NASDAQ GFS traded up $1.33 during mid-day trading on Friday, hitting $40.40. The stock had a trading volume of 1,826,518 shares, compared to its average volume of 1,125,064. The company has a 50 day moving average of $41.34 and a two-hundred day moving average of $47.02. The firm has a market cap of $22.29 billion, a PE ratio of 24.94, a PEG ratio of 6.35 and a beta of 1.52. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22. GlobalFoundries Inc. has a twelve month low of $37.94 and a twelve month high of $62.61.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, beating 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 firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the company posted $0.45 EPS. GlobalFoundries's quarterly revenue was down 11.5% compared to the same quarter last year. Research analysts predict that GlobalFoundries Inc. will post 1.09 EPS 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.