Phoenix Financial Ltd. Purchases 555,195 Shares of GlobalFoundries Inc. $GFS

Key Points

• Phoenix Financial increased its GlobalFoundries position by 42.3% in the third quarter, adding 555,195 shares to bring its holdings to 1,868,297 shares, valued at about $89.8 million.
• GlobalFoundries reported quarterly EPS of $0.53, beating the $0.51 consensus, and revenue of $1.90 billion, up 12.5% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $67.79; the company also declared a quarterly dividend of $0.12 per share.

Phoenix Financial Ltd. boosted its position in GlobalFoundries Inc. (NASDAQ:GFS - Free Report) by 42.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,868,297 shares of the company's stock after buying an additional 555,195 shares during the period. Phoenix Financial Ltd. owned approximately 0.34% of GlobalFoundries worth $89,753,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Diversified Trust Co raised its position in GlobalFoundries by 12.0% during the 3rd quarter. Diversified Trust Co now owns 10,323 shares of the company's stock worth $495,000 after buying an additional 1,105 shares during the last quarter. Aberdeen Group plc lifted its stake in GlobalFoundries by 2,795.1% during the 3rd quarter. Aberdeen Group plc now owns 85,956 shares of the company's stock valued at $4,119,000 after acquiring an additional 82,987 shares during the period. Eurizon Capital SGR S.p.A. purchased a new stake in shares of GlobalFoundries in the 3rd quarter valued at $354,000. Machina Capital S.A.S. boosted its holdings in shares of GlobalFoundries by 36.4% in the 3rd quarter. Machina Capital S.A.S. now owns 27,755 shares of the company's stock valued at $1,330,000 after acquiring an additional 7,408 shares during the last quarter. Finally, AlphaCore Capital LLC purchased a new stake in shares of GlobalFoundries in the 3rd quarter valued at $1,497,000.

GlobalFoundries Stock Performance

Shares of GFS traded down $1.15 during trading hours on Friday, hitting $41.47. The stock had a trading volume of 2,780,537 shares, compared to its average volume of 5,657,166. The firm has a 50-day moving average price of $45.56 and a 200 day moving average price of $54.79. GlobalFoundries Inc. has a fifty-two week low of $32.02 and a fifty-two week high of $92.55. The firm has a market capitalization of $22.75 billion, a price-to-earnings ratio of 118.49, a PEG ratio of 1.37 and a beta of 1.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.87 and a current ratio of 2.58.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. The company had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.89 billion. GlobalFoundries had a net margin of 2.81% and a return on equity of 7.16%. The firm's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.44 earnings per share. As a group, research analysts anticipate that GlobalFoundries Inc. will post 1.55 EPS for the current year.

GlobalFoundries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 14th. Investors of record on Tuesday, December 22nd will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Tuesday, December 22nd. GlobalFoundries's payout ratio is currently 137.14%.

Analyst Ratings Changes

A number of analysts have recently weighed in on GFS shares. Weiss Ratings lowered shares of GlobalFoundries from a "hold (c)" rating to a "sell (d+)" rating in a research note on Monday, November 9th. Wedbush decreased their target price on shares of GlobalFoundries from $72.00 to $45.00 and set a "neutral" rating for the company in a research report on Thursday, November 5th. UBS Group lowered their price target on shares of GlobalFoundries from $48.00 to $43.00 and set a "neutral" rating on the stock in a report on Thursday, November 5th. Deutsche Bank set a $75.00 price target on shares of GlobalFoundries in a report on Monday, August 10th. Finally, BNP Paribas Exane downgraded GlobalFoundries from an "outperform" rating to a "neutral" rating and set a $51.00 price target on the stock. in a research report on Monday, October 5th. Eight equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, GlobalFoundries presently has a consensus rating of "Hold" and a consensus target price of $67.79.

Insider Activity at GlobalFoundries

In related news, insider Pradheepa Raman sold 6,760 shares of GlobalFoundries stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $51.12, for a total value of $345,571.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jack Lazar purchased 10,000 shares of GlobalFoundries stock in a transaction that occurred on Friday, November 6th. The stock was acquired at an average cost of $38.00 per share, with a total value of $380,000.00. Following the acquisition, the director directly owned 38,094 shares in the company, valued at $1,447,572. This trade represents a 35.59% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 13,260 shares of company stock worth $647,905 in the last 90 days.

GlobalFoundries Company Profile

GlobalFoundries is a semiconductor foundry that manufactures integrated circuits for customers that design their own chips. Its services include wafer fabrication, process technology development, packaging support and design enablement, helping customers bring semiconductor products to market without operating their own fabrication facilities. The company focuses on specialty technologies used in areas such as automotive electronics, communications, industrial systems, smart devices and data centers.

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