GlobalFoundries (NASDAQ:GFS) Now Covered by Analysts at UBS Group

UBS Group began coverage on shares of GlobalFoundries (NASDAQ:GFS) in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage set a “neutral” rating and a $47.00 price target on the stock. UBS Group’s target price would indicate a potential upside of 11.90% from the company’s previous close.

A number of other analysts have also weighed in on GFS. Morgan Stanley lowered shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $53.00 to $43.00 in a report on Monday, October 28th. Deutsche Bank Aktiengesellschaft dropped their price objective on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, November 6th. Citigroup dropped their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Finally, Robert W. Baird reduced 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. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, GlobalFoundries presently has a consensus rating of “Hold” and an average price target of $50.21.

GlobalFoundries Price Performance

Shares of GlobalFoundries stock opened at $42.00 on Wednesday. The stock has a market capitalization of $23.17 billion, a P/E ratio of 31.09, a price-to-earnings-growth ratio of 10.35 and a beta of 1.53. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.76. The business’s 50 day simple moving average is $40.35 and its two-hundred day simple moving average is $46.18.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.33 by $0.08. The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.73 billion. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.47 earnings per share. Analysts forecast that GlobalFoundries will post 1.22 EPS for the current year.

Hedge Funds Weigh In On GlobalFoundries

Several large investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale increased its holdings in shares of GlobalFoundries by 4.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 8,773 shares of the company’s stock valued at $357,000 after acquiring an additional 340 shares in the last quarter. CWM LLC raised its holdings in GlobalFoundries by 38.6% in the second quarter. CWM LLC now owns 1,339 shares of the company’s stock worth $68,000 after buying an additional 373 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of GlobalFoundries by 1.7% in the second quarter. Pacer Advisors Inc. now owns 26,359 shares of the company’s stock worth $1,333,000 after buying an additional 444 shares in the last quarter. Royal London Asset Management Ltd. lifted its stake in shares of GlobalFoundries by 1.3% in the second quarter. Royal London Asset Management Ltd. now owns 34,765 shares of the company’s stock worth $1,758,000 after buying an additional 450 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of GlobalFoundries by 41.0% during the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock valued at $64,000 after buying an additional 463 shares during the last quarter.

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.