ING Groep NV Sells 11,512 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

ING Groep NV lowered its position in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 23.0% in the 3rd quarter, according to the company in its most recent Form 13F 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 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GFS. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in GlobalFoundries by 2.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 32,601 shares of the company’s stock worth $1,699,000 after purchasing an additional 859 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of GlobalFoundries by 18.1% in the 1st quarter. Intech Investment Management LLC now owns 8,148 shares of the company’s stock valued at $425,000 after acquiring an additional 1,246 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of GlobalFoundries by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 252,416 shares of the company’s stock valued at $13,153,000 after acquiring an additional 4,845 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of GlobalFoundries in the 1st quarter valued at about $422,000. Finally, Lazard Asset Management LLC lifted its stake in shares of GlobalFoundries by 47.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock valued at $127,000 after acquiring an additional 786 shares during the last quarter.

GlobalFoundries Stock Down 3.4 %

GFS stock opened at $41.29 on Monday. GlobalFoundries Inc. has a fifty-two week low of $35.85 and a fifty-two week high of $62.61. The business’s 50 day moving average price is $40.26 and its two-hundred day moving average price is $46.30. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The company has a market capitalization of $22.78 billion, a price-to-earnings ratio of 30.81, a price-to-earnings-growth ratio of 10.08 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share 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 firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the business earned $0.47 EPS. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, analysts forecast that GlobalFoundries Inc. will post 1.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GFS. Susquehanna lowered their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. TD Cowen lowered their target price on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Robert W. Baird lowered their target price on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Cantor Fitzgerald reissued a “neutral” rating and issued a $40.00 target price on shares of GlobalFoundries in a research note on Wednesday, November 6th. Finally, Evercore ISI lowered their target price on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $50.46.

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.