Balyasny Asset Management L.P. Acquires Shares of 274,487 GlobalFoundries Inc. (NASDAQ:GFS)

Balyasny Asset Management L.P. purchased a new position in GlobalFoundries Inc. (NASDAQ:GFS - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 274,487 shares of the company's stock, valued at approximately $11,778,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GFS. SBI Securities Co. Ltd. bought a new position in shares of GlobalFoundries in the fourth quarter worth approximately $52,000. SG Americas Securities LLC purchased a new stake in GlobalFoundries during the 4th quarter valued at $1,748,000. US Bancorp DE grew its holdings in GlobalFoundries by 187.2% in the 4th quarter. US Bancorp DE now owns 3,498 shares of the company's stock worth $150,000 after acquiring an additional 2,280 shares during the last quarter. Geode Capital Management LLC increased its position in shares of GlobalFoundries by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 912,986 shares of the company's stock valued at $39,176,000 after acquiring an additional 16,921 shares during the period. Finally, Polianta Ltd bought a new position in shares of GlobalFoundries during the fourth quarter valued at about $1,317,000.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Morgan Stanley dropped their price objective on GlobalFoundries from $42.00 to $38.00 and set an "equal weight" rating for the company in a report on Wednesday. Citigroup cut their price target on shares of GlobalFoundries from $40.00 to $35.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Wedbush restated an "outperform" rating and issued a $60.00 price objective on shares of GlobalFoundries 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 target price for the company in a research report on Wednesday, February 12th. Finally, Cantor Fitzgerald reiterated a "neutral" rating on shares of GlobalFoundries in a research report on Monday, May 5th. Five investment 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 an average rating of "Moderate Buy" and an average price target of $48.33.

GlobalFoundries Stock Performance

Shares of NASDAQ:GFS traded up $0.45 during mid-day trading on Friday, reaching $36.39. 991,530 shares of the company traded hands, compared to its average volume of 1,862,785. The company's 50 day moving average price is $35.64 and its 200-day moving average price is $39.88. The firm has a market cap of $20.12 billion, a PE ratio of -75.81, a PEG ratio of 1.42 and a beta of 1.54. GlobalFoundries Inc. has a 52 week low of $29.77 and a 52 week high of $61.98. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.11 and a quick ratio of 1.57.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.06. The firm had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.58 billion. GlobalFoundries had a positive return on equity of 6.05% and a negative net margin of 3.93%. The firm's revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the business posted $0.31 earnings per share. On average, equities analysts expect that GlobalFoundries Inc. will post 1.31 EPS for the current fiscal year.

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.