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

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

Other hedge funds have also recently bought and sold shares of the company. GF Fund Management CO. LTD. boosted its position in shares of GlobalFoundries by 1.7% in the first quarter. GF Fund Management CO. LTD. now owns 106,567 shares of the company's stock valued at $3,933,000 after acquiring an additional 1,827 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in GlobalFoundries by 15.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 126,266 shares of the company's stock worth $4,660,000 after buying an additional 17,143 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in GlobalFoundries by 9.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 907,446 shares of the company's stock worth $33,476,000 after buying an additional 79,670 shares during the last quarter. Kentucky Retirement Systems purchased a new stake in GlobalFoundries in the 1st quarter valued at $248,000. Finally, Global X Japan Co. Ltd. raised its position in GlobalFoundries by 2.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 45,877 shares of the company's stock valued at $1,693,000 after buying an additional 1,060 shares during the last quarter.

GlobalFoundries Stock Down 0.3%

Shares of GFS traded down $0.12 during midday trading on Friday, reaching $40.33. 1,656,829 shares of the stock were exchanged, compared to its average volume of 1,814,992. GlobalFoundries Inc. has a 52 week low of $29.77 and a 52 week high of $57.00. The company has a current ratio of 2.51, a quick ratio of 1.77 and a debt-to-equity ratio of 0.13. The company's 50 day moving average is $38.56 and its two-hundred day moving average is $38.45. The company has a market capitalization of $22.30 billion, a P/E ratio of -118.61, a PEG ratio of 1.26 and a beta of 1.50.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.34 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.58 billion. During the same period last year, the business posted $0.31 earnings per share. The firm's revenue was up 2.3% compared to the same quarter last year. On average, sell-side analysts anticipate that GlobalFoundries Inc. will post 1.31 earnings per share for the current year.

Wall Street Analyst Weigh In

GFS has been the subject of several recent analyst reports. Cantor Fitzgerald reissued a "neutral" rating on shares of GlobalFoundries in a report on Monday, May 5th. Wall Street Zen upgraded GlobalFoundries from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. UBS Group dropped their target price on GlobalFoundries from $45.00 to $37.00 and set a "neutral" rating for the company in a research report on Tuesday, April 29th. Morgan Stanley dropped their target price on GlobalFoundries from $42.00 to $38.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Finally, Citigroup boosted their target price on GlobalFoundries from $35.00 to $42.00 and gave the stock a "neutral" rating in a research report on Monday, July 7th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.46.

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.