National Bank of Canada FI Lowers Stock Position in GlobalFoundries Inc. (NASDAQ:GFS)

Key Points

• The National Bank of Canada FI reduced its holdings in GlobalFoundries Inc. by 13.9% in the first quarter, owning 69,918 shares after selling 11,283 shares.
• GlobalFoundries reported $0.42 EPS for the quarter, surpassing analyst expectations of $0.36 and achieving revenue of $1.69 billion.
• Several analysts downgraded GlobalFoundries' shares recently, with a consensus rating of "Hold" and an average price target of $44.92.

National Bank of Canada FI decreased its holdings in shares of GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 13.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,918 shares of the company's stock after selling 11,283 shares during the quarter. National Bank of Canada FI's holdings in GlobalFoundries were worth $2,581,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of GFS. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in GlobalFoundries by 12.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 42,942 shares of the company's stock worth $1,585,000 after buying an additional 4,655 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in GlobalFoundries by 19.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 312,922 shares of the company's stock worth $11,550,000 after buying an additional 50,050 shares in the last quarter. ING Groep NV boosted its stake in GlobalFoundries by 33.1% in the first quarter. ING Groep NV now owns 17,976 shares of the company's stock worth $663,000 after buying an additional 4,474 shares in the last quarter. US Bancorp DE boosted its stake in GlobalFoundries by 132.2% in the first quarter. US Bancorp DE now owns 8,121 shares of the company's stock worth $300,000 after buying an additional 4,623 shares in the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in GlobalFoundries in the first quarter worth approximately $180,000.

Wall Street Analyst Weigh In

GFS has been the subject of several research reports. Morgan Stanley cut their target price on GlobalFoundries from $38.00 to $35.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 6th. The Goldman Sachs Group initiated coverage on GlobalFoundries in a research note on Thursday, July 10th. They issued a "neutral" rating and a $40.00 target price for the company. Wall Street Zen lowered GlobalFoundries from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Cantor Fitzgerald reissued a "neutral" rating on shares of GlobalFoundries in a research note on Monday, May 5th. Finally, Citigroup increased their price objective on GlobalFoundries from $35.00 to $42.00 and gave the company a "neutral" rating in a research note on Monday, July 7th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $44.92.

GlobalFoundries Trading Down 0.1%

GFS stock traded down $0.03 on Friday, reaching $33.07. The company's stock had a trading volume of 2,595,062 shares, compared to its average volume of 2,703,392. The business has a fifty day simple moving average of $37.94 and a two-hundred day simple moving average of $37.65. GlobalFoundries Inc. has a 12-month low of $29.77 and a 12-month high of $47.69. The firm has a market cap of $18.28 billion, a PE ratio of -157.47, a PEG ratio of 1.08 and a beta of 1.50. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.92 and a current ratio of 2.63.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.42 EPS for the quarter, topping 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 company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm posted $0.38 earnings per share. The firm's revenue was up 3.4% on a year-over-year basis. As a group, research analysts forecast that GlobalFoundries Inc. will post 1.31 EPS for the current year.

About GlobalFoundries

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.