GlobalFoundries (NASDAQ:GFS) Stock Price Target Lowered at Citigroup

GlobalFoundries (NASDAQ:GFS) had its target price lowered by analysts at Citigroup from $58.00 to $46.00 in a report released on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup‘s price target suggests a potential upside of 26.63% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Robert W. Baird set a $140.00 price target on shares of GlobalFoundries in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft set a $75.00 target price on shares of GlobalFoundries in a research note on Monday, August 10th. Susquehanna lowered their target price on shares of GlobalFoundries from $125.00 to $110.00 and set a “positive” rating on the stock in a research note on Thursday. Stifel Nicolaus initiated coverage on GlobalFoundries in a research report on Tuesday, September 1st. They set a “buy” rating and a $60.00 price objective on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of GlobalFoundries in a research report on Thursday, October 15th. Eight analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, GlobalFoundries presently has a consensus rating of “Hold” and an average target price of $69.47.

GlobalFoundries Trading Down 10.0%

GFS stock traded down $4.01 during midday trading on Thursday, reaching $36.33. The company’s stock had a trading volume of 13,666,966 shares, compared to its average volume of 4,477,821. The stock has a fifty day simple moving average of $46.18 and a two-hundred day simple moving average of $54.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.74 and a current ratio of 2.48. GlobalFoundries has a 1 year low of $32.02 and a 1 year high of $92.55. The firm has a market capitalization of $19.93 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 1.36 and a beta of 1.78.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. GlobalFoundries had a return on equity of 6.69% and a net margin of 10.36%. The business’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.44 EPS. On average, equities research analysts predict that GlobalFoundries will post 1.48 EPS for the current year.

Insider Buying and Selling

In related news, insider Pradheepa Raman sold 2,145 shares of the company’s stock in a transaction on Monday, September 28th. The shares were sold at an average price of $48.83, for a total value of $104,740.35. Following the completion of the sale, the insider owned 2,145 shares in the company, valued at $104,740.35. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 12,590 shares of company stock valued at $620,877.

Institutional Investors Weigh In On GlobalFoundries

Institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. increased its holdings in GlobalFoundries by 8,275,141.2% in the first quarter. Bessemer Group Inc. now owns 2,813,582 shares of the company’s stock valued at $125,147,000 after buying an additional 2,813,548 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in GlobalFoundries by 2.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,340,385 shares of the company’s stock valued at $59,571,000 after purchasing an additional 31,590 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of GlobalFoundries by 106.1% during the first quarter. Bank of America Corp DE now owns 875,361 shares of the company’s stock valued at $38,936,000 after buying an additional 450,722 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in GlobalFoundries in the 3rd quarter valued at $40,775,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of GlobalFoundries by 322.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 715,000 shares of the company’s stock worth $31,803,000 after purchasing an additional 545,900 shares during the period.

GlobalFoundries News Summary

Here are the key news stories impacting GlobalFoundries this week:

• Positive Sentiment: GlobalFoundries reported Q3 earnings of $0.53 per share, above the $0.51 consensus, and revenue of $1.90 billion, slightly ahead of estimates and up 12.5% year over year. GlobalFoundries Q3 results
• Positive Sentiment: Recent coverage highlighted improved margins and commitments supporting future growth, which could bolster the company’s outlook if sustained. Margins improve and future commitments
• Negative Sentiment: Several firms sharply reduced their price targets: Wedbush cut its target to $45 and moved to “neutral,” Needham lowered its target to $55 while retaining “buy,” and Susquehanna cut its target to $110 while keeping a positive rating. The broad downward revisions may have undermined investor confidence, even though two firms maintained favorable ratings. Wedbush rating

GlobalFoundries Company Profile

GlobalFoundries Inc (NASDAQ:GFS) is a semiconductor manufacturer that operates as a contract foundry, producing chips designed by other companies. The company provides wafer fabrication and related services for customers in the automotive, communications infrastructure, aerospace and defense, industrial, and consumer electronics markets.

GlobalFoundries specializes in differentiated semiconductor technologies rather than competing primarily in the most advanced logic-processing nodes. Its offerings include radio-frequency and silicon-on-insulator technologies, embedded memory, power-management solutions, high-voltage processes, silicon photonics, and other specialty platforms used in connectivity, sensing, automotive electronics, and edge-computing applications.

The company was established in 2009 through the separation of Advanced Micro Devices’ manufacturing operations, with investment from the Abu Dhabi-based Advanced Technology Investment Company.