GlobalFoundries Inc. (NASDAQ:GFS) Shares Bought by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. significantly increased its stake in GlobalFoundries by 8,540.7%, acquiring 2,444,018 shares in the first quarter, bringing its total ownership to 2,472,634 shares worth approximately $91 million.
• Research analysts have shown confidence in GlobalFoundries, with eight analysts rating it as a buy and an average price target of $47.46, while others have set varying price objectives ranging between $37.00 and $52.00.
• GlobalFoundries recently reported an earnings per share (EPS) of $0.34 for the quarter, exceeding expectations, while its revenue experienced a modest increase of 2.3% year-over-year, totaling $1.59 billion.

Pacer Advisors Inc. increased its position in GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 8,540.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,472,634 shares of the company's stock after acquiring an additional 2,444,018 shares during the period. Pacer Advisors Inc. owned approximately 0.45% of GlobalFoundries worth $91,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina boosted its holdings in GlobalFoundries by 0.7% in the fourth quarter. Treasurer of the State of North Carolina now owns 43,238 shares of the company's stock valued at $1,855,000 after purchasing an additional 280 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in GlobalFoundries by 26.3% in the first quarter. SBI Securities Co. Ltd. now owns 1,539 shares of the company's stock valued at $57,000 after purchasing an additional 320 shares during the last quarter. Signaturefd LLC boosted its holdings in GlobalFoundries by 51.3% in the first quarter. Signaturefd LLC now owns 1,026 shares of the company's stock valued at $38,000 after purchasing an additional 348 shares during the last quarter. Mariner LLC boosted its holdings in GlobalFoundries by 5.5% in the fourth quarter. Mariner LLC now owns 8,111 shares of the company's stock valued at $348,000 after purchasing an additional 420 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in GlobalFoundries by 1.7% in the fourth quarter. American Century Companies Inc. now owns 25,949 shares of the company's stock valued at $1,113,000 after purchasing an additional 438 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Citigroup upped their price target on shares of GlobalFoundries from $35.00 to $42.00 and gave the company a "neutral" rating in a report on Monday, July 7th. UBS Group upped their price target on shares of GlobalFoundries from $37.00 to $43.00 and gave the company a "neutral" rating in a report on Monday. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of GlobalFoundries in a report on Monday, May 5th. Morgan Stanley decreased their price objective on shares of 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, Wall Street Zen upgraded shares of GlobalFoundries from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $47.92.

GlobalFoundries Price Performance

GFS stock traded down $0.04 during trading on Tuesday, hitting $40.64. The stock had a trading volume of 652,795 shares, compared to its average volume of 1,975,042. GlobalFoundries Inc. has a twelve month low of $29.77 and a twelve month high of $51.59. The company's 50-day moving average price is $38.64 and its two-hundred day moving average price is $38.32. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.51 and a quick ratio of 1.77. The stock has a market capitalization of $22.47 billion, a P/E ratio of -119.89, a PEG ratio of 1.25 and a beta of 1.50.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.34 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the company posted $0.31 earnings per share. The business's revenue was up 2.3% on a year-over-year basis. As a group, research analysts predict that GlobalFoundries Inc. will post 1.31 EPS for the current fiscal year.

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.