GlobalFoundries Inc. (NASDAQ:GFS) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 476,354 shares of the company's stock after selling 13,618 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.09% of GlobalFoundries worth $17,582,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. increased its position in shares of GlobalFoundries by 15.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 126,266 shares of the company's stock worth $4,660,000 after purchasing an additional 17,143 shares during the last quarter. Geode Capital Management LLC lifted its stake in GlobalFoundries by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 912,986 shares of the company's stock worth $39,176,000 after acquiring an additional 16,921 shares during the period. Sei Investments Co. lifted its position in GlobalFoundries by 7.6% during the fourth quarter. Sei Investments Co. now owns 9,495 shares of the company's stock valued at $407,000 after buying an additional 667 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of GlobalFoundries by 9.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 907,446 shares of the company's stock worth $33,476,000 after purchasing an additional 79,670 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in GlobalFoundries in the 4th quarter worth about $1,004,000.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GFS. Cantor Fitzgerald restated a "neutral" rating on shares of GlobalFoundries in a research note on Monday, May 5th. Wall Street Zen raised GlobalFoundries from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Citigroup lifted their price objective on GlobalFoundries from $35.00 to $42.00 and gave the company a "neutral" rating in a research report on Monday, July 7th. UBS Group lowered their price objective on GlobalFoundries from $45.00 to $37.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 29th. Finally, Argus began coverage on GlobalFoundries in a research report on Tuesday, July 1st. They set a "buy" rating and a $52.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, GlobalFoundries presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.46.

GlobalFoundries Stock Performance

Shares of NASDAQ:GFS traded down $0.28 during trading on Tuesday, hitting $40.30. The stock had a trading volume of 1,126,825 shares, compared to its average volume of 1,809,544. The stock has a market capitalization of $22.28 billion, a price-to-earnings ratio of -118.53, a price-to-earnings-growth ratio of 1.27 and a beta of 1.50. GlobalFoundries Inc. has a 12-month low of $29.77 and a 12-month high of $55.40. The stock has a 50-day simple moving average of $38.59 and a two-hundred day simple moving average of $38.40. The company has a quick ratio of 1.77, a current ratio of 2.51 and a debt-to-equity ratio of 0.13.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.28 by $0.06. GlobalFoundries had a positive return on equity of 6.28% and a negative net margin of 2.77%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the company earned $0.31 earnings per share. GlobalFoundries's quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts expect that GlobalFoundries Inc. will post 1.31 earnings per share 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.