ING Groep NV Cuts Stock Position in GlobalFoundries Inc. (NASDAQ:GFS)

ING Groep NV lowered its stake in GlobalFoundries Inc. (NASDAQ:GFS) by 23.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 38,507 shares of the company’s stock after selling 11,512 shares during the period. ING Groep NV’s holdings in GlobalFoundries were worth $1,550,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new position in GlobalFoundries in the 3rd quarter valued at approximately $34,000. Massmutual Trust Co. FSB ADV bought a new position in GlobalFoundries in the 2nd quarter valued at approximately $59,000. US Bancorp DE lifted its position in GlobalFoundries by 77.0% in the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after acquiring an additional 530 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in GlobalFoundries in the 2nd quarter valued at approximately $65,000. Finally, CWM LLC lifted its position in GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after acquiring an additional 373 shares in the last quarter.

GlobalFoundries Price Performance

Shares of GlobalFoundries stock opened at $41.29 on Monday. GlobalFoundries Inc. has a one year low of $35.85 and a one year high of $62.61. The stock’s fifty day moving average is $40.26 and its 200 day moving average is $46.30. The stock has a market cap of $22.78 billion, a P/E ratio of 30.81, a P/E/G ratio of 10.08 and a beta of 1.53. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The business had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the business posted $0.47 EPS. GlobalFoundries’s revenue for the quarter was down 6.1% compared to the same quarter last year. Sell-side analysts anticipate that GlobalFoundries Inc. will post 1.22 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GFS. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, November 6th. Susquehanna lowered their price target on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th. Robert W. Baird lowered their price target on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Cantor Fitzgerald reissued a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a report on Wednesday, November 6th. Finally, Morgan Stanley cut GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $53.00 to $43.00 in a report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.46.

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.