GlobalFoundries (NASDAQ:GFS) Now Covered by The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of GlobalFoundries (NASDAQ:GFS - Free Report) in a report released on Thursday morning, MarketBeat.com reports. The firm issued a neutral rating and a $40.00 price objective on the stock.

GFS has been the topic of several other reports. Wall Street Zen raised shares of GlobalFoundries from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Cantor Fitzgerald reiterated a "neutral" rating on shares of GlobalFoundries in a research report on Monday, May 5th. Morgan Stanley dropped their price target on GlobalFoundries from $42.00 to $38.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Argus began coverage on GlobalFoundries in a research report on Tuesday, July 1st. They set a "buy" rating and a $52.00 price target for the company. Finally, UBS Group dropped their price target on GlobalFoundries from $45.00 to $37.00 and set a "neutral" rating for the company in a research report on Tuesday, April 29th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.46.

GlobalFoundries Stock Performance

GlobalFoundries stock traded up $0.48 during mid-day trading on Thursday, hitting $41.71. The company had a trading volume of 573,985 shares, compared to its average volume of 1,835,501. 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 has a 12-month low of $29.77 and a 12-month high of $61.98. The company's fifty day moving average is $38.00 and its 200-day moving average is $38.62. The company has a market capitalization of $23.06 billion, a price-to-earnings ratio of -122.70, a P/E/G ratio of 1.28 and a beta of 1.50.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.06. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. GlobalFoundries had a positive return on equity of 6.28% and a negative net margin of 2.77%. GlobalFoundries's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.31 EPS. Equities research analysts predict that GlobalFoundries will post 1.31 EPS for the current year.

Institutional Investors Weigh In On GlobalFoundries

Institutional investors and hedge funds have recently modified their holdings of the company. Signaturefd LLC raised its holdings in shares of GlobalFoundries by 153.9% in the 4th quarter. Signaturefd LLC now owns 678 shares of the company's stock valued at $29,000 after buying an additional 411 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of GlobalFoundries in the 1st quarter valued at $33,000. Summit Securities Group LLC boosted its position in GlobalFoundries by 142.2% in the 1st quarter. Summit Securities Group LLC now owns 1,298 shares of the company's stock valued at $48,000 after buying an additional 762 shares during the period. SBI Securities Co. Ltd. boosted its position in GlobalFoundries by 26.3% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,539 shares of the company's stock valued at $57,000 after buying an additional 320 shares during the period. Finally, Graney & King LLC purchased a new position in GlobalFoundries in the 4th quarter valued at approximately $68,000.

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.