Ethic Inc. Acquires 7,349 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Ethic Inc. raised its stake in GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 25.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,854 shares of the company's stock after acquiring an additional 7,349 shares during the quarter. Ethic Inc.'s holdings in GlobalFoundries were worth $1,539,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of GlobalFoundries by 7.5% in the 4th quarter. FMR LLC now owns 53,096,556 shares of the company's stock valued at $2,278,373,000 after purchasing an additional 3,721,153 shares during the period. First Trust Advisors LP increased its position in shares of GlobalFoundries by 1.3% in the fourth quarter. First Trust Advisors LP now owns 3,118,293 shares of the company's stock valued at $133,806,000 after acquiring an additional 40,527 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in GlobalFoundries by 5.7% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,473,170 shares of the company's stock worth $106,124,000 after acquiring an additional 132,634 shares in the last quarter. Invesco Ltd. boosted its position in GlobalFoundries by 10.5% during the fourth quarter. Invesco Ltd. now owns 2,331,811 shares of the company's stock valued at $100,058,000 after purchasing an additional 221,731 shares during the last quarter. Finally, Analog Century Management LP acquired a new position in GlobalFoundries during the fourth quarter valued at approximately $50,298,000.

GlobalFoundries Price Performance

GFS stock remained flat at $39.54 during midday trading on Friday. 1,391,550 shares of the company's stock were exchanged, compared to its average volume of 1,867,335. The company's 50-day moving average is $35.68 and its 200-day moving average is $39.87. The company has a market cap of $21.86 billion, a P/E ratio of -82.37, a P/E/G ratio of 1.42 and a beta of 1.54. GlobalFoundries Inc. has a fifty-two week low of $29.77 and a fifty-two week 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.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Needham & Company LLC upgraded GlobalFoundries from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a report on Wednesday, February 12th. Cantor Fitzgerald reissued a "neutral" rating on shares of GlobalFoundries in a report on Monday, May 5th. Morgan Stanley decreased their price objective on GlobalFoundries from $42.00 to $38.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Citigroup lowered their price objective on GlobalFoundries from $40.00 to $35.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Finally, Wedbush reissued an "outperform" rating and issued a $60.00 target price on shares of GlobalFoundries in a research report on Wednesday, February 12th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, GlobalFoundries has a consensus rating of "Moderate Buy" and a consensus price target of $47.09.

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.