1776 Wealth LLC Reduces Stock Position in GlobalFoundries Inc. (NASDAQ:GFS)

1776 Wealth LLC reduced its holdings in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 41.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,775 shares of the company’s stock after selling 6,305 shares during the quarter. 1776 Wealth LLC’s holdings in GlobalFoundries were worth $377,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of GFS. US Bancorp DE lifted its stake in GlobalFoundries by 77.0% in the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after purchasing an additional 530 shares in the last quarter. Versor Investments LP lifted its stake in GlobalFoundries by 167.7% in the 3rd quarter. Versor Investments LP now owns 19,008 shares of the company’s stock worth $765,000 after purchasing an additional 11,908 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in GlobalFoundries by 13.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 107,802 shares of the company’s stock worth $4,339,000 after purchasing an additional 12,948 shares in the last quarter. ICICI Prudential Asset Management Co Ltd lifted its stake in GlobalFoundries by 18.8% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 7,200 shares of the company’s stock worth $290,000 after purchasing an additional 1,141 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of GlobalFoundries by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 106,529 shares of the company’s stock worth $4,288,000 after buying an additional 3,798 shares during the last quarter.

GlobalFoundries Price Performance

Shares of GlobalFoundries stock opened at $36.86 on Thursday. The firm has a market cap of $20.34 billion, a PE ratio of -76.79, a price-to-earnings-growth ratio of 1.42 and a beta of 1.57. GlobalFoundries Inc. has a 12-month low of $35.85 and a 12-month high of $61.98. The company has a quick ratio of 1.57, a current ratio of 2.11 and a debt-to-equity ratio of 0.14. The company’s fifty day simple moving average is $41.14 and its two-hundred day simple moving average is $41.61.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings results on Tuesday, February 11th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.07). GlobalFoundries had a positive return on equity of 6.05% and a negative net margin of 3.93%. As a group, equities analysts expect that GlobalFoundries Inc. will post 1.31 EPS for the current year.

Wall Street Analysts Forecast Growth

GFS has been the topic of a number of research analyst reports. Morgan Stanley increased their price target on shares of GlobalFoundries from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Needham & Company LLC raised shares of GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Wednesday, February 12th. UBS Group decreased their price target on shares of GlobalFoundries from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. Finally, Wedbush reissued an “outperform” rating and issued a $60.00 price target on shares of GlobalFoundries in a report on Wednesday, February 12th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.64.

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.