GlobalFoundries Inc. (NASDAQ:GFS) Stock Position Trimmed by Ameriprise Financial Inc.

Ameriprise Financial Inc. trimmed its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 8.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,566 shares of the company’s stock after selling 1,444 shares during the quarter. Ameriprise Financial Inc.’s holdings in GlobalFoundries were worth $668,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC grew its stake in shares of GlobalFoundries by 7.5% in the 4th quarter. FMR LLC now owns 53,096,556 shares of the company’s stock worth $2,278,373,000 after purchasing an additional 3,721,153 shares during the last quarter. Analog Century Management LP acquired a new position in shares of GlobalFoundries in the 4th quarter worth approximately $50,298,000. Adage Capital Partners GP L.L.C. acquired a new position in shares of GlobalFoundries in the 4th quarter worth approximately $16,091,000. Invesco Ltd. increased its position in shares of GlobalFoundries by 10.5% in the fourth quarter. Invesco Ltd. now owns 2,331,811 shares of the company’s stock worth $100,058,000 after acquiring an additional 221,731 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of GlobalFoundries by 64.2% during the fourth quarter. Barclays PLC now owns 511,668 shares of the company’s stock valued at $21,956,000 after acquiring an additional 200,059 shares during the period.

GlobalFoundries Price Performance

Shares of GlobalFoundries stock opened at $36.87 on Wednesday. The firm has a fifty day simple moving average of $35.45 and a 200-day simple moving average of $39.51. The company has a current ratio of 2.11, a quick ratio of 1.57 and a debt-to-equity ratio of 0.14. GlobalFoundries Inc. has a 1-year low of $29.77 and a 1-year high of $61.98. The stock has a market capitalization of $20.39 billion, a price-to-earnings ratio of -76.81, a PEG ratio of 1.42 and a beta of 1.54.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.06. GlobalFoundries had a negative net margin of 3.93% and a positive return on equity of 6.05%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the company earned $0.31 earnings per share. GlobalFoundries’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, sell-side analysts expect that GlobalFoundries Inc. will post 1.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Needham & Company LLC raised shares of GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Wednesday, February 12th. Wedbush reaffirmed an “outperform” rating and set a $60.00 price objective on shares of GlobalFoundries in a research report on Wednesday, February 12th. Morgan Stanley lowered their price objective on shares of GlobalFoundries from $42.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 7th. UBS Group lowered their price objective on shares of GlobalFoundries from $45.00 to $37.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 29th. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of GlobalFoundries in a research report on Monday, May 5th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, GlobalFoundries presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.09.

GlobalFoundries Company Profile

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.