Mirae Asset Global Investments Co. Ltd. Sells 21,762 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Mirae Asset Global Investments Co. Ltd. decreased its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 2.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 827,776 shares of the company’s stock after selling 21,762 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.15% of GlobalFoundries worth $36,569,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new position in GlobalFoundries during the 3rd quarter valued at about $34,000. Blue Trust Inc. increased its position in GlobalFoundries by 206.4% during the 4th quarter. Blue Trust Inc. now owns 1,106 shares of the company’s stock valued at $45,000 after purchasing an additional 745 shares during the period. US Bancorp DE increased its position in GlobalFoundries by 77.0% during the 3rd 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 purchased a new position in shares of GlobalFoundries in the 3rd quarter worth approximately $60,000. Finally, Advisors Asset Management Inc. grew its position in shares of GlobalFoundries by 41.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock worth $64,000 after buying an additional 463 shares during the last quarter.

GlobalFoundries Stock Performance

Shares of NASDAQ GFS opened at $40.55 on Wednesday. The company has a current ratio of 2.42, a quick ratio of 1.76 and a debt-to-equity ratio of 0.19. GlobalFoundries Inc. has a 12 month low of $35.85 and a 12 month high of $61.98. The company has a 50 day simple moving average of $42.85 and a two-hundred day simple moving average of $42.80. The stock has a market cap of $22.37 billion, a price-to-earnings ratio of 30.26, a PEG ratio of 8.84 and a beta of 1.56.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the business posted $0.47 EPS. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. As a group, analysts predict that GlobalFoundries Inc. will post 1.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GFS. Robert W. Baird cut their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Citigroup cut their price objective 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. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $40.00 price objective on shares of GlobalFoundries in a research report on Wednesday, November 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, November 6th. Finally, Susquehanna cut their price objective on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average 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.