HighTower Advisors LLC Acquires Shares of 12,554 GlobalFoundries Inc. $GFS

Key Points

• HighTower Advisors LLC has acquired 12,554 shares of GlobalFoundries Inc., valued at approximately $463,000, during the first quarter of 2023.
• Wall Street analysts have mixed ratings on GlobalFoundries, with six analysts giving it a Buy rating and eight a Hold rating, while the average target price is currently $43.79.
• GlobalFoundries reported better-than-expected earnings with an EPS of $0.42, surpassing the consensus estimate of $0.36, and revenue for the quarter was $1.69 billion.

HighTower Advisors LLC purchased a new position in shares of GlobalFoundries Inc. (NASDAQ:GFS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 12,554 shares of the company's stock, valued at approximately $463,000.

A number of other hedge funds also recently made changes to their positions in the stock. Nuveen LLC purchased a new stake in shares of GlobalFoundries during the 1st quarter valued at about $8,525,000. Invesco Ltd. boosted its position in GlobalFoundries by 6.9% in the first quarter. Invesco Ltd. now owns 2,491,747 shares of the company's stock valued at $91,970,000 after buying an additional 159,936 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in GlobalFoundries by 12.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 42,942 shares of the company's stock valued at $1,585,000 after purchasing an additional 4,655 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in GlobalFoundries by 19.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 312,922 shares of the company's stock valued at $11,550,000 after buying an additional 50,050 shares during the period. Finally, ING Groep NV increased its position in shares of GlobalFoundries by 33.1% in the first quarter. ING Groep NV now owns 17,976 shares of the company's stock valued at $663,000 after buying an additional 4,474 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GFS. Arete upgraded GlobalFoundries from a "sell" rating to a "neutral" rating and set a $37.00 target price on the stock in a research report on Wednesday, August 27th. The Goldman Sachs Group assumed coverage on shares of GlobalFoundries in a report on Thursday, July 10th. They set a "neutral" rating and a $40.00 price target for the company. Wall Street Zen upgraded shares of GlobalFoundries from a "hold" rating to a "buy" rating in a research report on Saturday. Arete Research set a $37.00 price objective on shares of GlobalFoundries in a research note on Wednesday, August 27th. Finally, UBS Group lowered their price objective on shares of GlobalFoundries from $43.00 to $37.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $43.79.

GlobalFoundries Stock Down 0.7%

GlobalFoundries stock traded down $0.23 during trading hours on Wednesday, hitting $32.93. The company had a trading volume of 1,229,115 shares, compared to its average volume of 2,096,089. The firm has a market capitalization of $18.21 billion, a P/E ratio of -156.61, a price-to-earnings-growth ratio of 1.09 and a beta of 1.48. GlobalFoundries Inc. has a fifty-two week low of $29.77 and a fifty-two week high of $47.69. The firm's fifty day moving average is $36.91 and its 200-day moving average is $37.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.63 and a quick ratio of 1.92.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.06. GlobalFoundries had a positive return on equity of 6.55% and a negative net margin of 1.68%.The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the company posted $0.38 EPS. The business's revenue for the quarter was up 3.4% compared to the same quarter last year. GlobalFoundries has set its Q3 2025 guidance at 0.330-0.430 EPS. On average, research analysts forecast that GlobalFoundries Inc. will post 1.31 earnings per share for the current 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.