FY2024 EPS Forecast for GlobalFoundries Lifted by Analyst

GlobalFoundries Inc. (NASDAQ:GFS) – Cantor Fitzgerald upped their FY2024 earnings per share (EPS) estimates for shares of GlobalFoundries in a report released on Wednesday, November 6th. Cantor Fitzgerald analyst C. Muse now anticipates that the company will post earnings per share of $1.25 for the year, up from their previous forecast of $1.09. Cantor Fitzgerald has a “Neutral” rating and a $40.00 price objective on the stock. The consensus estimate for GlobalFoundries’ current full-year earnings is $1.09 per share.

A number of other equities research analysts also recently issued reports on the company. Evercore ISI lowered their price objective on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Robert W. Baird dropped their price target on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday. Citigroup decreased 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. Finally, Susquehanna dropped their target price on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.46.

GlobalFoundries Stock Performance

NASDAQ GFS opened at $43.98 on Friday. The company’s 50 day simple moving average is $40.28 and its two-hundred day simple moving average is $46.51. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.42 and a quick ratio of 1.59. GlobalFoundries has a 1 year low of $35.85 and a 1 year high of $62.61. The stock has a market capitalization of $24.27 billion, a PE ratio of 32.82, a P/E/G ratio of 7.56 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. The firm 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 company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.47 earnings per share.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of GFS. Intech Investment Management LLC lifted its stake in shares of GlobalFoundries by 33.1% in the 3rd quarter. Intech Investment Management LLC now owns 8,656 shares of the company’s stock valued at $348,000 after acquiring an additional 2,155 shares during the last quarter. 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 valued at $64,000 after purchasing an additional 463 shares during the last quarter. AM Squared Ltd purchased a new stake in shares of GlobalFoundries during the third quarter valued at approximately $60,000. CIBC Asset Management Inc grew its holdings in shares of GlobalFoundries by 3.7% in the third quarter. CIBC Asset Management Inc now owns 106,529 shares of the company’s stock worth $4,288,000 after purchasing an additional 3,798 shares during the last quarter. Finally, ICICI Prudential Asset Management Co Ltd increased its stake in shares of GlobalFoundries by 18.8% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 7,200 shares of the company’s stock worth $290,000 after buying an additional 1,141 shares during the period.

GlobalFoundries Company 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.