Tower Bridge Advisors Decreases Stock Position in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Tower Bridge Advisors trimmed its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) by 11.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,750 shares of the semiconductor manufacturer’s stock after selling 500 shares during the quarter. Tower Bridge Advisors’ holdings in Advanced Micro Devices were worth $615,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Legal & General Group Plc raised its position in shares of Advanced Micro Devices by 1.4% during the 2nd quarter. Legal & General Group Plc now owns 13,310,158 shares of the semiconductor manufacturer’s stock valued at $2,159,039,000 after buying an additional 188,580 shares in the last quarter. Van ECK Associates Corp raised its position in Advanced Micro Devices by 11.3% in the 3rd quarter. Van ECK Associates Corp now owns 9,620,878 shares of the semiconductor manufacturer’s stock worth $1,471,128,000 after purchasing an additional 975,220 shares during the period. Assenagon Asset Management S.A. raised its position in Advanced Micro Devices by 42.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 8,420,766 shares of the semiconductor manufacturer’s stock worth $1,381,679,000 after purchasing an additional 2,497,056 shares during the period. GQG Partners LLC raised its position in Advanced Micro Devices by 5.0% in the 1st quarter. GQG Partners LLC now owns 8,044,462 shares of the semiconductor manufacturer’s stock worth $1,451,945,000 after purchasing an additional 382,582 shares during the period. Finally, International Assets Investment Management LLC raised its position in Advanced Micro Devices by 17,137.3% in the 3rd quarter. International Assets Investment Management LLC now owns 7,860,909 shares of the semiconductor manufacturer’s stock worth $1,289,818,000 after purchasing an additional 7,815,305 shares during the period. 71.34% of the stock is currently owned by hedge funds and other institutional investors.

Advanced Micro Devices Stock Down 2.8 %

AMD stock opened at $134.90 on Monday. The firm’s fifty day moving average is $154.51 and its 200 day moving average is $155.08. Advanced Micro Devices, Inc. has a one year low of $116.37 and a one year high of $227.30. The firm has a market cap of $218.92 billion, a PE ratio of 121.53, a P/E/G ratio of 1.87 and a beta of 1.71. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.78 and a current ratio of 2.50.

Advanced Micro Devices (NASDAQ:AMD) last announced its earnings results on Tuesday, October 29th. The semiconductor manufacturer reported $0.92 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.92. Advanced Micro Devices had a net margin of 7.52% and a return on equity of 6.62%. The business had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.71 billion. During the same quarter last year, the business earned $0.53 earnings per share. The company’s revenue for the quarter was up 17.6% compared to the same quarter last year. On average, research analysts forecast that Advanced Micro Devices, Inc. will post 2.53 EPS for the current year.

Wall Street Analysts Forecast Growth

AMD has been the topic of a number of recent analyst reports. Benchmark reissued a “buy” rating and issued a $200.00 price objective on shares of Advanced Micro Devices in a research report on Thursday, October 31st. Truist Financial dropped their target price on shares of Advanced Micro Devices from $162.00 to $156.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. Bank of America restated a “buy” rating and issued a $180.00 target price on shares of Advanced Micro Devices in a research note on Thursday, October 3rd. StockNews.com downgraded shares of Advanced Micro Devices from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Finally, Morgan Stanley dropped their target price on shares of Advanced Micro Devices from $178.00 to $169.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Advanced Micro Devices has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Insider Activity

In related news, EVP Forrest Eugene Norrod sold 40,540 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $141.67, for a total transaction of $5,743,301.80. Following the transaction, the executive vice president now directly owns 293,347 shares in the company, valued at approximately $41,558,469.49. The trade was a 12.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Lisa T. Su sold 80,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $143.87, for a total transaction of $11,509,600.00. Following the sale, the chief executive officer now directly owns 3,566,762 shares of the company’s stock, valued at approximately $513,150,048.94. This represents a 2.19 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

Advanced Micro Devices Profile

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.