Citigroup Inc. Boosts Holdings in GlobalFoundries Inc. (NASDAQ:GFS)

Citigroup Inc. grew its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 16.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 628,259 shares of the company’s stock after acquiring an additional 86,740 shares during the quarter. Citigroup Inc. owned about 0.11% of GlobalFoundries worth $25,287,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in GlobalFoundries in the third quarter valued at $34,000. US Bancorp DE lifted its stake in shares of GlobalFoundries by 77.0% in 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 in the last quarter. Massmutual Trust Co. FSB ADV acquired a new position in shares of GlobalFoundries in the 2nd quarter valued at about $59,000. AM Squared Ltd purchased a new stake in shares of GlobalFoundries during the 3rd quarter worth about $60,000. Finally, Advisors Asset Management Inc. increased its position in GlobalFoundries by 41.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock worth $64,000 after purchasing an additional 463 shares in the last quarter.

GlobalFoundries Trading Down 1.9 %

NASDAQ GFS opened at $44.11 on Wednesday. The company has a market capitalization of $24.34 billion, a price-to-earnings ratio of 33.54, a price-to-earnings-growth ratio of 10.45 and a beta of 1.53. 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 12 month low of $35.85 and a 12 month high of $62.61. The company’s fifty day moving average price is $40.57 and its two-hundred day moving average price is $45.96.

GlobalFoundries (NASDAQ:GFS) last posted 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 return on equity of 6.87% and a net margin of 10.95%. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the firm earned $0.47 earnings per share. The company’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, research analysts predict that GlobalFoundries Inc. will post 1.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GFS. Deutsche Bank Aktiengesellschaft decreased 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. Evercore ISI decreased their price target on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Robert W. Baird cut their price objective on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Susquehanna decreased their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $40.00 target price on shares of GlobalFoundries in a 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. According to MarketBeat.com, GlobalFoundries currently has a consensus rating of “Hold” and an average price target 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.