Sumitomo Mitsui Trust Group Inc. reduced its position in GlobalFoundries Inc. (NASDAQ:GFS – Free Report) by 30.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,515 shares of the company’s stock after selling 18,172 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in GlobalFoundries were worth $1,989,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of GFS. Sei Investments Co. grew its position in shares of GlobalFoundries by 239.0% in the first quarter. Sei Investments Co. now owns 48,246 shares of the company’s stock valued at $2,146,000 after purchasing an additional 34,014 shares during the last quarter. Bank of America Corp DE increased its stake in shares of GlobalFoundries by 106.1% during the 1st quarter. Bank of America Corp DE now owns 875,361 shares of the company’s stock worth $38,936,000 after purchasing an additional 450,722 shares in the last quarter. First Trust Advisors LP increased its stake in shares of GlobalFoundries by 97.4% during the 1st quarter. First Trust Advisors LP now owns 264,837 shares of the company’s stock worth $11,780,000 after purchasing an additional 130,643 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of GlobalFoundries during the 2nd quarter worth approximately $3,067,000. Finally, Janus Henderson Group PLC acquired a new position in shares of GlobalFoundries during the 1st quarter worth approximately $1,108,000.
GlobalFoundries Stock Performance
Shares of NASDAQ GFS opened at $38.62 on Friday. The company has a market cap of $21.19 billion, a PE ratio of 110.34, a price-to-earnings-growth ratio of 1.27 and a beta of 1.78. GlobalFoundries Inc. has a 12 month low of $32.02 and a 12 month high of $92.55. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 1.74. The company has a 50-day simple moving average of $45.84 and a 200-day simple moving average of $54.88.
GlobalFoundries (NASDAQ:GFS – Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.02. GlobalFoundries had a net margin of 2.81% and a return on equity of 7.16%. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the prior year, the firm posted $0.44 earnings per share. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, equities analysts anticipate that GlobalFoundries Inc. will post 1.50 earnings per share for the current year.
GlobalFoundries Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 14th. Shareholders of record on Tuesday, December 22nd will be issued a $0.12 dividend. The ex-dividend date is Tuesday, December 22nd. This represents a $0.48 annualized dividend and a yield of 1.2%. GlobalFoundries’s payout ratio is 137.14%.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft set a $75.00 target price on GlobalFoundries in a research note on Monday, August 10th. Morgan Stanley dropped their price target on GlobalFoundries from $60.00 to $56.00 and set an “equal weight” rating for the company in a research report on Monday, November 2nd. Stifel Nicolaus assumed coverage on GlobalFoundries in a report on Tuesday, September 1st. They issued a “buy” rating and a $60.00 price target for the company. Needham & Company LLC reduced their price objective on GlobalFoundries from $80.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, TD Cowen reduced their price objective on GlobalFoundries from $75.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday. Eight research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $67.79.
View Our Latest Research Report on GFS
Key Stories Impacting GlobalFoundries
Here are the key news stories impacting GlobalFoundries this week:
- Positive Sentiment: A Seeking Alpha article highlights improving margins and commitments that could support future growth. Another report points to a record third-quarter margin, suggesting operational progress. Margins Improve As GlobalFoundries Secures Commitments For Future Growth GlobalFoundries stock: Company posts record Q3 margin
- Positive Sentiment: TD Cowen cut its target to $60 from $75 but kept a Buy rating, while Susquehanna lowered its target to $110 from $125 and retained a positive rating. TD Cowen price-target update Susquehanna price-target update
- Neutral Sentiment: UBS, JPMorgan, and Citi lowered their targets to $43, $50, and $46, respectively, and maintained Neutral ratings. Their targets still imply potential upside from the cited $38.62 share price, but the cuts signal reduced expectations. UBS rating update JPMorgan rating update Citi rating update
- Negative Sentiment: Wedbush made a particularly steep reduction, cutting its target to $45 from $72 and citing a lower valuation multiple. The broader wave of target cuts—including reductions from Citi, JPMorgan, UBS, and TD Cowen—could reinforce concerns about GFS’s near-term valuation and outlook. Wedbush cuts GlobalFoundries price target
Insider Buying and Selling at GlobalFoundries
In other GlobalFoundries news, Director Ganesh Moorthy purchased 2,500 shares of GlobalFoundries stock in a transaction on Thursday, November 5th. The shares were bought at an average price of $37.48 per share, with a total value of $93,700.00. Following the purchase, the director directly owned 5,500 shares in the company, valued at $206,140. This trade represents a 83.33% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pradheepa Raman sold 6,760 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $51.12, for a total value of $345,571.20. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 12,925 shares of company stock valued at $633,881 over the last quarter.
GlobalFoundries Company Profile
GlobalFoundries is a semiconductor foundry that manufactures integrated circuits for customers that design their own chips. Its services include wafer fabrication, process technology development, packaging support and design enablement, helping customers bring semiconductor products to market without operating their own fabrication facilities.
The company focuses on specialty technologies used in areas such as automotive electronics, communications, industrial systems, smart devices and data centers.
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