Bank of America Corp DE Purchases 450,722 Shares of GlobalFoundries Inc. $GFS

Key Points

• Bank of America more than doubled its GlobalFoundries stake in the first quarter, acquiring 450,722 additional shares to hold 875,361 shares worth approximately $38.9 million.
• Several other institutional investors also increased their positions, while insiders sold 18,785 shares worth about $1.35 million over the past three months under pre-arranged trading plans.
• GlobalFoundries exceeded quarterly earnings and revenue expectations, but analysts remain mixed: the stock carries a consensus “Hold” rating with an average price target of $75.11.

Bank of America Corp DE boosted its position in GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 106.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 875,361 shares of the company's stock after acquiring an additional 450,722 shares during the period. Bank of America Corp DE owned 0.16% of GlobalFoundries worth $38,936,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd grew its holdings in GlobalFoundries by 844.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 62,593 shares of the company's stock worth $2,186,000 after buying an additional 55,967 shares in the last quarter. AXQ Capital LP boosted its holdings in GlobalFoundries by 438.9% during the 4th quarter. AXQ Capital LP now owns 49,617 shares of the company's stock worth $1,733,000 after acquiring an additional 40,410 shares during the last quarter. Sei Investments Co. boosted its holdings in GlobalFoundries by 239.0% during the 1st quarter. Sei Investments Co. now owns 48,246 shares of the company's stock worth $2,146,000 after acquiring an additional 34,014 shares during the last quarter. Monaco Asset Management SAM bought a new stake in shares of GlobalFoundries in the 4th quarter worth $6,984,000. Finally, UBS Group AG raised its holdings in shares of GlobalFoundries by 136.7% in the fourth quarter. UBS Group AG now owns 1,809,232 shares of the company's stock valued at $63,178,000 after purchasing an additional 1,044,755 shares during the last quarter.

Insiders Place Their Bets

In other news, insider Michael James Hogan sold 500 shares of the firm's stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $70.90, for a total transaction of $35,450.00. Following the transaction, the insider directly owned 795 shares of the company's stock, valued at approximately $56,365.50. This trade represents a 38.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Samak L. Azar sold 335 shares of the firm's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $77.36, for a total value of $25,915.60. Following the transaction, the insider owned 13,149 shares in the company, valued at approximately $1,017,206.64. The trade was a 2.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 18,785 shares of company stock valued at $1,354,672 over the last three months.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on GFS shares. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $70.00 price objective on shares of GlobalFoundries in a research report on Tuesday, May 5th. Susquehanna boosted their target price on GlobalFoundries to $125.00 and gave the stock a "positive" rating in a research note on Monday, May 11th. Morgan Stanley reaffirmed a "negative" rating and set a $60.00 price target on shares of GlobalFoundries in a research report on Thursday, August 6th. Citigroup lifted their price target on GlobalFoundries from $49.00 to $70.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Finally, TD Cowen reduced their price objective on GlobalFoundries from $85.00 to $75.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Eight investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, GlobalFoundries presently has a consensus rating of "Hold" and an average target price of $75.11.

GlobalFoundries Price Performance

GFS stock opened at $52.69 on Friday. The firm has a 50 day moving average of $66.54 and a 200-day moving average of $59.14. The company has a current ratio of 2.48, a quick ratio of 1.74 and a debt-to-equity ratio of 0.13. GlobalFoundries Inc. has a 12 month low of $31.59 and a 12 month high of $92.55. The firm has a market capitalization of $28.91 billion, a P/E ratio of 41.16, a price-to-earnings-growth ratio of 1.34 and a beta of 1.80.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. GlobalFoundries had a return on equity of 6.69% and a net margin of 10.36%.The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the business posted $0.42 earnings per share. The firm's revenue was up 5.8% compared to the same quarter last year. GlobalFoundries has set its Q3 2026 guidance at 0.460-0.560 EPS. As a group, sell-side analysts predict that GlobalFoundries Inc. will post 1.48 earnings per share for the current fiscal year.

GlobalFoundries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 23rd will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, September 23rd. This represents a $0.48 annualized dividend and a dividend yield of 0.9%. GlobalFoundries's dividend payout ratio (DPR) is currently 37.50%.

GlobalFoundries Profile

GlobalFoundries, Inc NASDAQ: GFS is a leading contract semiconductor manufacturer that provides wafer fabrication and related services to semiconductor companies and systems manufacturers. The company operates as a pure-play foundry, producing integrated circuits across a range of process technologies for customers in markets such as automotive, communications, consumer electronics, industrial, and aerospace. Its service offering spans process development, manufacturing, test and packaging support, and design enablement including process design kits (PDKs) and intellectual property (IP) libraries to help customers bring designs to production.

GlobalFoundries focuses on a portfolio of differentiated and specialty process nodes, offering technologies for radio-frequency (RF) and wireless, analog and mixed-signal, power management, embedded non-volatile memory, and silicon-on-insulator (SOI) process families.

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