Bank of New York Mellon Corp Has $25.67 Million Stake in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Bank of New York Mellon Corp decreased its position in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 5.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 507,678 shares of the company’s stock after selling 30,285 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.09% of GLOBALFOUNDRIES worth $25,668,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GFS. Mubadala Investment Co PJSC bought a new position in GLOBALFOUNDRIES during the 4th quarter worth $28,451,821,000. First Trust Advisors LP raised its position in shares of GLOBALFOUNDRIES by 9.9% in the 4th quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock worth $135,750,000 after acquiring an additional 201,611 shares in the last quarter. Kodai Capital Management LP bought a new position in shares of GLOBALFOUNDRIES in the 4th quarter worth about $67,351,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of GLOBALFOUNDRIES by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock worth $59,018,000 after acquiring an additional 68,626 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in shares of GLOBALFOUNDRIES by 25.9% in the 1st quarter. ProShare Advisors LLC now owns 544,325 shares of the company’s stock worth $28,365,000 after acquiring an additional 112,149 shares in the last quarter.

GLOBALFOUNDRIES Price Performance

GFS stock opened at $41.96 on Thursday. The company has a market capitalization of $23.15 billion, a P/E ratio of 25.90, a price-to-earnings-growth ratio of 7.54 and a beta of 1.56. 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 52-week low of $41.86 and a 52-week high of $62.61. The business has a 50-day simple moving average of $48.97 and a two-hundred day simple moving average of $50.31.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.10. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. GLOBALFOUNDRIES had a return on equity of 7.75% and a net margin of 11.82%. The company’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 EPS. Research analysts expect that GLOBALFOUNDRIES Inc. will post 1.09 EPS for the current fiscal year.

Analyst Ratings Changes

GFS has been the subject of several research analyst reports. TD Cowen lowered their price objective on GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Susquehanna lifted their price objective on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Morgan Stanley lifted their price objective on GLOBALFOUNDRIES from $62.00 to $63.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of GLOBALFOUNDRIES in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on GLOBALFOUNDRIES from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $57.54.

About GLOBALFOUNDRIES

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.