Invesco Ltd. Purchases 159,936 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Key Points

• Invesco Ltd. increased its stake in GlobalFoundries Inc. by 6.9%, owning a total of 2,491,747 shares worth approximately $91.97 million after acquiring 159,936 shares in the first quarter.
• GlobalFoundries reported a net revenue of $1.69 billion for the last quarter, slightly surpassing expectations, with earnings per share of $0.42 beating the consensus estimate of $0.36.
• Analyst ratings are mixed, with the average target price for GlobalFoundries currently standing at $44.92, reflecting a consensus of "Hold" from multiple ratings agencies.

Invesco Ltd. grew its position in GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 6.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,491,747 shares of the company's stock after acquiring an additional 159,936 shares during the quarter. Invesco Ltd. owned 0.45% of GlobalFoundries worth $91,970,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Pacer Advisors Inc. raised its stake in GlobalFoundries by 8,540.7% during the first quarter. Pacer Advisors Inc. now owns 2,472,634 shares of the company's stock worth $91,265,000 after acquiring an additional 2,444,018 shares in the last quarter. Analog Century Management LP bought a new position in shares of GlobalFoundries during the fourth quarter valued at $50,298,000. BNP Paribas Financial Markets bought a new position in shares of GlobalFoundries during the fourth quarter valued at $22,912,000. Adage Capital Partners GP L.L.C. bought a new position in shares of GlobalFoundries during the fourth quarter valued at $16,091,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of GlobalFoundries during the fourth quarter valued at $11,778,000.

GlobalFoundries Trading Down 0.1%

NASDAQ GFS opened at $33.07 on Friday. The stock has a 50-day simple moving average of $37.94 and a 200 day simple moving average of $37.68. The company has a market capitalization of $18.28 billion, a PE ratio of -157.47, a P/E/G ratio of 1.08 and a beta of 1.50. The company has a current ratio of 2.63, a quick ratio of 1.92 and a debt-to-equity ratio of 0.13. GlobalFoundries Inc. has a 12 month low of $29.77 and a 12 month high of $47.69.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $1.68 billion. During the same period in the previous year, the firm earned $0.38 earnings per share. The company's revenue was up 3.4% on a year-over-year basis. Research analysts forecast that GlobalFoundries Inc. will post 1.31 EPS for the current year.

Analyst Ratings Changes

GFS has been the subject of a number of analyst reports. Argus initiated coverage on GlobalFoundries in a report on Tuesday, July 1st. They set a "buy" rating and a $52.00 price objective for the company. UBS Group cut their price objective on GlobalFoundries from $43.00 to $37.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Wall Street Zen cut GlobalFoundries from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. The Goldman Sachs Group began coverage on GlobalFoundries in a research report on Thursday, July 10th. They issued a "neutral" rating and a $40.00 price objective for the company. Finally, Cantor Fitzgerald reiterated a "neutral" rating on shares of GlobalFoundries in a research report on Monday, May 5th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $44.92.

GlobalFoundries 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.

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