Brokerages Anticipate GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Will Post Earnings of $0.45 Per Share

Wall Street analysts expect that GLOBALFOUNDRIES Inc. (NASDAQ:GFS – Get Rating) will announce earnings of $0.45 per share for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for GLOBALFOUNDRIES’s earnings. The highest EPS estimate is $0.47 and the lowest is $0.43. The business is scheduled to announce its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that GLOBALFOUNDRIES will report full-year earnings of $2.30 per share for the current fiscal year, with EPS estimates ranging from $2.20 to $2.38. For the next fiscal year, analysts anticipate that the firm will report earnings of $2.62 per share, with EPS estimates ranging from $2.38 to $3.01. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow GLOBALFOUNDRIES.

GLOBALFOUNDRIES (NASDAQ:GFS – Get Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.24 by $0.18. The firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.90 billion. The company’s quarterly revenue was up 36.8% on a year-over-year basis. During the same period last year, the firm earned ($0.25) EPS.

Several research firms have commented on GFS. Morgan Stanley raised GLOBALFOUNDRIES from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $72.50 in a research report on Thursday, March 3rd. Deutsche Bank Aktiengesellschaft cut their price target on GLOBALFOUNDRIES from $78.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, April 20th. Zacks Investment Research raised GLOBALFOUNDRIES from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research report on Friday, May 13th. Finally, JPMorgan Chase & Co. dropped their target price on GLOBALFOUNDRIES from $82.00 to $77.00 in a report on Wednesday, May 11th. One investment analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, GLOBALFOUNDRIES has a consensus rating of “Buy” and an average price target of $78.81.

GFS traded up $3.14 during trading on Wednesday, hitting $58.62. 2,767,938 shares of the stock were exchanged, compared to its average volume of 2,452,844. GLOBALFOUNDRIES has a 1-year low of $43.59 and a 1-year high of $79.49. The stock has a fifty day moving average price of $58.27 and a two-hundred day moving average price of $58.93. The company has a current ratio of 1.67, a quick ratio of 1.32 and a debt-to-equity ratio of 0.25.

Institutional investors and hedge funds have recently bought and sold shares of the business. IndexIQ Advisors LLC purchased a new stake in GLOBALFOUNDRIES during the first quarter worth $26,000. Prospera Financial Services Inc purchased a new stake in GLOBALFOUNDRIES during the first quarter worth $28,000. Steward Partners Investment Advisory LLC purchased a new stake in GLOBALFOUNDRIES during the fourth quarter worth $30,000. Edmond DE Rothschild Holding S.A. purchased a new stake in GLOBALFOUNDRIES during the fourth quarter worth $35,000. Finally, Arrow Financial Corp purchased a new stake in GLOBALFOUNDRIES during the fourth quarter worth $42,000. Institutional investors own 12.09% of the company’s stock.

About GLOBALFOUNDRIES (Get Rating)

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. It manufactures integrated circuits, which enable various electronic devices that are pervasive. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems, as well as offers mainstream wafer fabrication services and technologies.

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