GlobalFoundries Inc. (NASDAQ:GFS) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• GlobalFoundries Inc. has been assigned an average recommendation of "Moderate Buy" by thirteen brokerages, with seven analysts giving it a buy rating.
• The current average price objective for GlobalFoundries is $47.92, reflecting the optimism among analyst coverage.
• Despite a 2.2% decline in shares recently, GlobalFoundries reported a positive earnings surprise with $0.34 EPS, exceeding estimates of $0.28.

Shares of GlobalFoundries Inc. (NASDAQ:GFS - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the thirteen research firms that are presently covering the firm, MarketBeat reports. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $47.9231.

A number of brokerages have commented on GFS. Argus started coverage on GlobalFoundries in a research report on Tuesday, July 1st. They issued a "buy" rating and a $52.00 price objective for the company. 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 report on Wednesday, May 7th. Wall Street Zen raised GlobalFoundries from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Cantor Fitzgerald reissued a "neutral" rating on shares of GlobalFoundries in a report on Monday, May 5th. Finally, Citigroup raised their price target on GlobalFoundries from $35.00 to $42.00 and gave the company a "neutral" rating in a report on Monday, July 7th.

GlobalFoundries Stock Performance

NASDAQ:GFS traded down $0.40 during mid-day trading on Friday, hitting $36.18. 2,877,493 shares of the company's stock traded hands, compared to its average volume of 1,987,984. The firm has a 50 day moving average of $38.69 and a two-hundred day moving average of $38.26. GlobalFoundries has a 12 month low of $29.77 and a 12 month high of $47.69. The firm has a market capitalization of $20.00 billion, a price-to-earnings ratio of -106.41, a price-to-earnings-growth ratio of 1.14 and a beta of 1.50. The company has a current ratio of 2.51, a quick ratio of 1.77 and a debt-to-equity ratio of 0.13.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.34 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 company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the company earned $0.31 EPS. The company's quarterly revenue was up 2.3% on a year-over-year basis. On average, equities analysts forecast that GlobalFoundries will post 1.31 earnings per share for the current fiscal year.

Institutional Trading of GlobalFoundries

Several hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC increased its position in shares of GlobalFoundries by 7.5% in the fourth quarter. FMR LLC now owns 53,096,556 shares of the company's stock valued at $2,278,373,000 after acquiring an additional 3,721,153 shares during the last quarter. First Trust Advisors LP increased its position in shares of GlobalFoundries by 1.3% in the fourth quarter. First Trust Advisors LP now owns 3,118,293 shares of the company's stock valued at $133,806,000 after acquiring an additional 40,527 shares during the last quarter. Invesco Ltd. increased its position in shares of GlobalFoundries by 6.9% in the first quarter. Invesco Ltd. now owns 2,491,747 shares of the company's stock valued at $91,970,000 after acquiring an additional 159,936 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its position in GlobalFoundries by 5.7% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,473,170 shares of the company's stock worth $106,124,000 after buying an additional 132,634 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position 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 buying an additional 2,444,018 shares during the last quarter.

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.