Bank of America Corp DE Sells 289,008 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Bank of America Corp DE lowered its position in GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 62.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 174,321 shares of the company's stock after selling 289,008 shares during the quarter. Bank of America Corp DE's holdings in GlobalFoundries were worth $7,480,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC raised 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 in the last quarter. Analog Century Management LP acquired a new stake in shares of GlobalFoundries in the fourth quarter valued at $50,298,000. BNP Paribas Financial Markets acquired a new stake in shares of GlobalFoundries during the fourth quarter worth $22,912,000. Adage Capital Partners GP L.L.C. acquired a new position in GlobalFoundries during the fourth quarter valued at $16,091,000. Finally, Invesco Ltd. raised 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 buying an additional 221,731 shares during the period.

GlobalFoundries Stock Down 0.9%

NASDAQ GFS traded down $0.34 during trading hours on Friday, hitting $36.57. The company's stock had a trading volume of 179,426 shares, compared to its average volume of 1,810,978. GlobalFoundries Inc. has a 52 week low of $29.77 and a 52 week high of $61.98. The company has a market capitalization of $20.22 billion, a PE ratio of -76.08, a price-to-earnings-growth ratio of 1.42 and a beta of 1.54. The company has a current ratio of 2.11, a quick ratio of 1.57 and a debt-to-equity ratio of 0.14. The company's 50-day simple moving average is $35.60 and its two-hundred day simple moving average is $39.65.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its quarterly 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. GlobalFoundries had a negative net margin of 3.93% and a positive return on equity of 6.05%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the business posted $0.31 EPS. GlobalFoundries's quarterly revenue was up 2.3% compared to the same quarter last year. Research analysts anticipate that GlobalFoundries Inc. will post 1.31 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on GFS shares. Citigroup decreased their target price on GlobalFoundries from $40.00 to $35.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Cantor Fitzgerald reiterated a "neutral" rating on shares of GlobalFoundries in a research report on Monday, May 5th. Morgan Stanley reduced their price target on GlobalFoundries from $42.00 to $38.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 7th. Needham & Company LLC upgraded GlobalFoundries from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a report on Wednesday, February 12th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $60.00 target price on shares of GlobalFoundries in a research report on Wednesday, February 12th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, GlobalFoundries presently has an average rating of "Moderate Buy" and an average target price of $47.09.

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.