Royal London Asset Management Ltd. Has $1.42 Million Holdings in GlobalFoundries Inc. (NASDAQ:GFS)

Royal London Asset Management Ltd. lifted its stake in GlobalFoundries Inc. (NASDAQ:GFS) by 1.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,275 shares of the company’s stock after acquiring an additional 510 shares during the period. Royal London Asset Management Ltd.’s holdings in GlobalFoundries were worth $1,420,000 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. Allspring Global Investments Holdings LLC bought a new position in GlobalFoundries during the third quarter valued at about $34,000. US Bancorp DE increased its position in shares of GlobalFoundries by 77.0% during the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after purchasing an additional 530 shares during the period. AM Squared Ltd acquired a new position in shares of GlobalFoundries in the third quarter valued at $60,000. Advisors Asset Management Inc. lifted its position in GlobalFoundries by 41.0% in the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock worth $64,000 after purchasing an additional 463 shares during the period. Finally, Truvestments Capital LLC bought a new position in GlobalFoundries in the third quarter worth $66,000.

GlobalFoundries Stock Up 1.4 %

Shares of NASDAQ:GFS opened at $44.88 on Monday. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The firm has a market cap of $24.76 billion, a P/E ratio of 33.49, a P/E/G ratio of 10.84 and a beta of 1.59. GlobalFoundries Inc. has a 12 month low of $35.85 and a 12 month high of $62.61. The company’s 50-day moving average price is $41.34 and its two-hundred day moving average price is $45.33.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on GFS shares. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, November 6th. Citigroup decreased their price objective on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. Wedbush reissued an “outperform” rating and issued a $60.00 target price (down from $65.00) on shares of GlobalFoundries in a report on Tuesday, November 5th. Finally, Evercore ISI decreased their price target on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $50.21.

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.