Sumitomo Mitsui Trust Group Inc. Raises Stock Holdings in GlobalFoundries Inc. (NASDAQ:GFS)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 13.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 107,802 shares of the company's stock after buying an additional 12,948 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in GlobalFoundries were worth $4,339,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC purchased a new position in shares of GlobalFoundries during the third quarter valued at approximately $34,000. US Bancorp DE increased its stake in GlobalFoundries by 77.0% in the third quarter. US Bancorp DE now owns 1,218 shares of the company's stock worth $49,000 after purchasing an additional 530 shares during the period. Massmutual Trust Co. FSB ADV bought a new stake in shares of GlobalFoundries during the second quarter worth $59,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of GlobalFoundries during the second quarter valued at $65,000. Finally, CWM LLC lifted its holdings in GlobalFoundries by 38.6% during the 2nd quarter. CWM LLC now owns 1,339 shares of the company's stock valued at $68,000 after buying an additional 373 shares in the last quarter.

GlobalFoundries Stock Performance

Shares of NASDAQ GFS traded down $0.03 during midday trading on Tuesday, reaching $42.38. The company had a trading volume of 1,077,192 shares, compared to its average volume of 1,630,610. GlobalFoundries Inc. has a 1 year low of $35.85 and a 1 year high of $62.61. The business's 50-day simple moving average is $40.30 and its 200 day simple moving average is $46.26. The company has a current ratio of 2.42, a quick ratio of 1.76 and a debt-to-equity ratio of 0.19. The stock has a market cap of $23.38 billion, a P/E ratio of 31.63, a P/E/G ratio of 10.08 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.33 by $0.08. The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.73 billion. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The business's revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 EPS. On average, analysts forecast that GlobalFoundries Inc. will post 1.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GFS. Citigroup reduced their target price on shares of GlobalFoundries from $45.00 to $40.00 and set a "neutral" rating on the stock in a research report on Tuesday, November 5th. Robert W. Baird decreased their target price on GlobalFoundries from $63.00 to $50.00 and set an "outperform" rating for the company in a research report on Wednesday, November 6th. Susquehanna dropped their price target on GlobalFoundries from $50.00 to $48.00 and set a "neutral" rating on the stock in a research report on Wednesday, November 6th. TD Cowen lowered their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of GlobalFoundries from $55.00 to $50.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $50.46.

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.