Sumitomo Mitsui Trust Group Inc. Boosts Stake in GlobalFoundries Inc. (NASDAQ:GFS)

Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 13.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 107,802 shares of the company’s stock after purchasing an additional 12,948 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in GlobalFoundries were worth $4,339,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of GFS. Versor Investments LP grew its holdings in GlobalFoundries by 167.7% during the third quarter. Versor Investments LP now owns 19,008 shares of the company’s stock valued at $765,000 after purchasing an additional 11,908 shares during the period. Olympiad Research LP purchased a new position in shares of GlobalFoundries during the 3rd quarter valued at $334,000. US Bancorp DE grew its stake in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after acquiring an additional 530 shares during the period. Pinnacle Associates Ltd. purchased a new stake in GlobalFoundries in the 3rd quarter worth about $382,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in GlobalFoundries by 111.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 6,996 shares of the company’s stock valued at $282,000 after purchasing an additional 3,680 shares during the last quarter.

Analyst Upgrades and Downgrades

GFS has been the topic of several research reports. Citigroup lowered their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, November 6th. Robert W. Baird reduced their price target on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft decreased their price objective on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Wedbush reiterated an “outperform” rating and set a $60.00 price objective (down from $65.00) on shares of GlobalFoundries in a research note on Tuesday, November 5th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $50.46.

GlobalFoundries Price Performance

GFS stock opened at $42.41 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76. GlobalFoundries Inc. has a one year low of $35.85 and a one year high of $62.61. The stock has a market cap of $23.40 billion, a PE ratio of 31.65, a P/E/G ratio of 10.08 and a beta of 1.53. The firm has a 50 day simple moving average of $40.26 and a two-hundred day simple moving average of $46.30.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the previous year, the company earned $0.47 EPS. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. On average, analysts predict that GlobalFoundries Inc. will post 1.22 EPS for the current fiscal year.

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.