Handelsbanken Fonder AB Buys 14,929 Shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Handelsbanken Fonder AB increased its stake in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 61.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,035 shares of the company’s stock after buying an additional 14,929 shares during the quarter. Handelsbanken Fonder AB’s holdings in GLOBALFOUNDRIES were worth $2,366,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. FMR LLC raised its position in GLOBALFOUNDRIES by 18.7% in the 3rd quarter. FMR LLC now owns 35,205,461 shares of the company’s stock valued at $2,048,606,000 after purchasing an additional 5,544,907 shares during the last quarter. Ameriprise Financial Inc. raised its position in GLOBALFOUNDRIES by 36.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock valued at $183,931,000 after purchasing an additional 838,355 shares during the last quarter. International Assets Investment Management LLC raised its position in GLOBALFOUNDRIES by 5,093.1% in the 4th quarter. International Assets Investment Management LLC now owns 531,462 shares of the company’s stock valued at $32,207,000 after purchasing an additional 521,228 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of GLOBALFOUNDRIES by 149.4% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 475,704 shares of the company’s stock valued at $27,681,000 after buying an additional 285,000 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of GLOBALFOUNDRIES by 977.5% in the 4th quarter. SG Americas Securities LLC now owns 182,399 shares of the company’s stock valued at $11,053,000 after buying an additional 165,471 shares during the period.

Analyst Ratings Changes

GFS has been the subject of several research reports. Evercore ISI initiated coverage on GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $71.00 target price for the company. Robert W. Baird lowered their target price on GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Bank of America lowered their target price on GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating for the company in a research note on Tuesday, April 16th. Cantor Fitzgerald reissued a “neutral” rating and issued a $55.00 target price (down from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. lowered their target price on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a research note on Wednesday, February 14th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $63.08.

GLOBALFOUNDRIES Stock Up 1.3 %

NASDAQ:GFS opened at $48.39 on Friday. GLOBALFOUNDRIES Inc. has a 1 year low of $45.52 and a 1 year high of $68.57. The company has a current ratio of 2.04, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16. The stock has a market cap of $26.51 billion, a price-to-earnings ratio of 26.30, a PEG ratio of 3.99 and a beta of 1.61. The stock has a 50-day moving average price of $51.38 and a two-hundred day moving average price of $54.24.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The company’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.37 earnings per share. As a group, equities analysts expect that GLOBALFOUNDRIES Inc. will post 1 earnings per share for the current year.

GLOBALFOUNDRIES Profile

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.