Ameriprise Financial Inc. Sells 2,093,092 Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Ameriprise Financial Inc. cut its position in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 39.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,176,887 shares of the company’s stock after selling 2,093,092 shares during the period. Ameriprise Financial Inc. owned approximately 0.58% of GLOBALFOUNDRIES worth $229,308,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Matrix Capital Management Company LP boosted its stake in shares of GLOBALFOUNDRIES by 6.1% during the 4th quarter. Matrix Capital Management Company LP now owns 18,498,000 shares of the company’s stock worth $996,857,000 after purchasing an additional 1,069,740 shares during the period. Norges Bank purchased a new position in shares of GLOBALFOUNDRIES during the 4th quarter worth about $80,293,000. First Trust Advisors LP boosted its position in GLOBALFOUNDRIES by 37.0% in the 1st quarter. First Trust Advisors LP now owns 1,486,900 shares of the company’s stock valued at $107,324,000 after buying an additional 401,582 shares during the period. Capital Research Global Investors boosted its position in GLOBALFOUNDRIES by 1,042.5% in the 1st quarter. Capital Research Global Investors now owns 1,316,303 shares of the company’s stock valued at $82,164,000 after buying an additional 1,201,093 shares during the period. Finally, State Street Corp boosted its position in GLOBALFOUNDRIES by 1.0% in the 1st quarter. State Street Corp now owns 792,065 shares of the company’s stock valued at $57,171,000 after buying an additional 7,491 shares during the period. 14.76% of the stock is owned by hedge funds and other institutional investors.

GLOBALFOUNDRIES Trading Down 4.4 %

NASDAQ GFS opened at $58.08 on Friday. The company has a quick ratio of 1.44, a current ratio of 1.98 and a debt-to-equity ratio of 0.24. The firm has a market cap of $31.81 billion, a PE ratio of 21.43, a price-to-earnings-growth ratio of 9.82 and a beta of 1.88. The company has a 50 day moving average price of $59.32 and a 200 day moving average price of $61.35. GLOBALFOUNDRIES Inc. has a 52 week low of $46.52 and a 52 week high of $72.50.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. GLOBALFOUNDRIES had a net margin of 19.07% and a return on equity of 16.16%. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.83 billion. As a group, sell-side analysts forecast that GLOBALFOUNDRIES Inc. will post 1.9 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on GFS. Susquehanna lowered their price objective on shares of GLOBALFOUNDRIES from $84.00 to $82.00 and set a “positive” rating for the company in a research report on Friday, August 4th. Bank of America lowered their price objective on shares of GLOBALFOUNDRIES from $75.00 to $70.00 in a research report on Wednesday, August 9th. HSBC lowered their price objective on shares of GLOBALFOUNDRIES from $65.00 to $64.00 in a research report on Wednesday, August 9th. Wedbush restated an “outperform” rating and issued a $70.00 price target (down previously from $72.00) on shares of GLOBALFOUNDRIES in a report on Wednesday, August 9th. Finally, Citigroup reduced their price target on shares of GLOBALFOUNDRIES from $77.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, August 9th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.19.

GLOBALFOUNDRIES Company Profile

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.