Weiss Asset Management LP Buys Shares of 207,726 GlobalFoundries Inc. (NASDAQ:GFS)

Weiss Asset Management LP acquired a new stake in GlobalFoundries Inc. (NASDAQ:GFS - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 207,726 shares of the company's stock, valued at approximately $8,361,000.

A number of other institutional investors have also recently made changes to their positions in GFS. FMR LLC lifted its holdings in GlobalFoundries by 2.4% during the 3rd quarter. FMR LLC now owns 49,375,403 shares of the company's stock worth $1,987,360,000 after buying an additional 1,160,403 shares during the last quarter. Marshall Wace LLP increased its position in GlobalFoundries by 108.6% in the 2nd 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. State Street Corp raised its stake in shares of GlobalFoundries by 8.3% during the third quarter. State Street Corp now owns 1,275,554 shares of the company's stock worth $51,341,000 after purchasing an additional 98,084 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of GlobalFoundries by 13.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 653,918 shares of the company's stock worth $33,063,000 after acquiring an additional 77,581 shares during the period. Finally, Citigroup Inc. increased its position in GlobalFoundries by 16.0% during the 3rd quarter. Citigroup Inc. now owns 628,259 shares of the company's stock worth $25,287,000 after purchasing an additional 86,740 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on GFS shares. Wedbush restated an "outperform" rating and set a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday, November 5th. Evercore ISI dropped their price objective on GlobalFoundries from $71.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft decreased their target price on GlobalFoundries from $55.00 to $50.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. UBS Group started coverage on GlobalFoundries in a research report on Wednesday, November 20th. They issued a "neutral" rating and a $47.00 price target for the company. Finally, Susquehanna decreased their price objective on shares of GlobalFoundries from $50.00 to $48.00 and set a "neutral" rating on the stock in a research report on Wednesday, November 6th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, GlobalFoundries has a consensus rating of "Hold" and an average price target of $50.21.

GlobalFoundries Stock Up 1.4 %

GFS traded up $0.60 during trading on Friday, hitting $44.88. The company had a trading volume of 2,120,880 shares, compared to its average volume of 1,626,310. The company has a market cap of $24.76 billion, a PE ratio of 33.04, a P/E/G ratio of 10.90 and a beta of 1.59. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76. GlobalFoundries Inc. has a 1-year low of $35.85 and a 1-year high of $62.61. The business has a 50-day moving average of $41.26 and a 200-day moving average of $45.53.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.33 by $0.08. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The business had revenue of $1.74 billion for the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter last year, the company posted $0.47 earnings per share. The company's quarterly revenue was down 6.1% compared to the same quarter last year. As a group, analysts forecast that GlobalFoundries Inc. will post 1.22 earnings per share for the current year.

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.