Marshall Wace LLP Grows Stock Position in GlobalFoundries Inc. (NASDAQ:GFS)

Marshall Wace LLP increased its position in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 108.6% in the 2nd quarter, Holdings Channel reports. The firm owned 2,496,871 shares of the company’s stock after purchasing an additional 1,299,687 shares during the period. Marshall Wace LLP’s holdings in GlobalFoundries were worth $126,242,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GFS. Massmutual Trust Co. FSB ADV purchased a new stake in shares of GlobalFoundries during the second quarter worth $59,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in GlobalFoundries during the 2nd quarter valued at about $65,000. CWM LLC raised its holdings in GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after acquiring an additional 373 shares during the last quarter. Lazard Asset Management LLC lifted its stake in GlobalFoundries by 47.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock worth $127,000 after purchasing an additional 786 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its stake in GlobalFoundries by 128.8% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 2,471 shares of the company’s stock worth $129,000 after purchasing an additional 1,391 shares in the last quarter.

GlobalFoundries Price Performance

Shares of NASDAQ:GFS opened at $39.35 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. GlobalFoundries Inc. has a 12 month low of $38.49 and a 12 month high of $62.61. The firm has a market capitalization of $21.71 billion, a P/E ratio of 24.29, a P/E/G ratio of 6.64 and a beta of 1.54. The company’s fifty day moving average price is $45.75 and its 200 day moving average price is $49.02.

GlobalFoundries (NASDAQ:GFS) last announced its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.10. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the firm posted $0.45 earnings per share. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. As a group, sell-side analysts predict that GlobalFoundries Inc. will post 1.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GFS has been the subject of several recent research reports. Wedbush reaffirmed an “outperform” rating and issued a $65.00 price target on shares of GlobalFoundries in a report on Wednesday, August 7th. TD Cowen cut their target price on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, August 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $55.00 price objective on shares of GlobalFoundries in a report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, GlobalFoundries has a consensus rating of “Moderate Buy” and an average price target of $57.54.

GlobalFoundries Profile

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.