Geode Capital Management LLC Buys 16,921 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Geode Capital Management LLC grew its holdings in GlobalFoundries Inc. (NASDAQ:GFS) by 1.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 912,986 shares of the company’s stock after buying an additional 16,921 shares during the quarter. Geode Capital Management LLC owned approximately 0.17% of GlobalFoundries worth $39,176,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of GFS. Shade Tree Advisors LLC bought a new position in shares of GlobalFoundries in the fourth quarter worth approximately $5,096,000. Norges Bank bought a new position in shares of GlobalFoundries in the 4th quarter worth approximately $4,672,000. Handelsbanken Fonder AB raised its stake in shares of GlobalFoundries by 381.9% in the fourth quarter. Handelsbanken Fonder AB now owns 136,270 shares of the company’s stock worth $5,847,000 after buying an additional 107,994 shares during the period. State Street Corp boosted its position in shares of GlobalFoundries by 8.3% in 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 period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of GlobalFoundries by 22.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 262,872 shares of the company’s stock valued at $11,280,000 after acquiring an additional 48,380 shares in the last quarter.

GlobalFoundries Trading Down 0.8 %

Shares of GFS opened at $33.38 on Wednesday. The firm has a 50-day moving average price of $38.15 and a 200 day moving average price of $40.58. GlobalFoundries Inc. has a 12-month low of $29.77 and a 12-month high of $61.98. The company has a current ratio of 2.11, a quick ratio of 1.57 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $18.46 billion, a P/E ratio of -69.54, a P/E/G ratio of 1.42 and a beta of 1.54.

GlobalFoundries (NASDAQ:GFS) last announced its earnings results on Tuesday, February 11th. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.07). GlobalFoundries had a negative net margin of 3.93% and a positive return on equity of 6.05%. Sell-side analysts forecast that GlobalFoundries Inc. will post 1.31 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GFS. Wedbush reiterated an “outperform” rating and issued a $60.00 price target on shares of GlobalFoundries in a report on Wednesday, February 12th. Morgan Stanley raised their target price on shares of GlobalFoundries from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 12th. UBS Group dropped their price objective on shares of GlobalFoundries from $47.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Needham & Company LLC upgraded GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, February 12th. Finally, Citigroup dropped their target price on shares of GlobalFoundries from $40.00 to $35.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.29.

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.