Argus Begins Coverage on GlobalFoundries (NASDAQ:GFS)

Argus began coverage on shares of GlobalFoundries (NASDAQ:GFS - Free Report) in a report published on Tuesday morning, Marketbeat reports. The firm issued a buy rating and a $52.00 target price on the stock.

A number of other brokerages also recently issued reports on GFS. Morgan Stanley lowered their price target on GlobalFoundries from $42.00 to $38.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Citigroup lowered their price objective on shares of GlobalFoundries from $40.00 to $35.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Cantor Fitzgerald reissued a "neutral" rating on shares of GlobalFoundries in a research report on Monday, May 5th. Finally, UBS Group reduced 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. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $47.50.

GlobalFoundries Stock Down 0.4%

Shares of NASDAQ GFS traded down $0.18 during trading on Tuesday, hitting $39.38. 1,427,693 shares of the company traded hands, compared to its average volume of 1,826,312. The firm has a market capitalization of $21.77 billion, a price-to-earnings ratio of -115.81, a P/E/G ratio of 1.23 and a beta of 1.50. The business's fifty day moving average is $37.38 and its 200 day moving average is $38.73. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.77 and a current ratio of 2.51. GlobalFoundries has a fifty-two week low of $29.77 and a fifty-two week high of $61.98.

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

Institutional Investors Weigh In On GlobalFoundries

Hedge funds have recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina boosted its holdings in shares of GlobalFoundries by 0.7% in the 4th quarter. Treasurer of the State of North Carolina now owns 43,238 shares of the company's stock worth $1,855,000 after buying an additional 280 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake 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 acquiring an additional 320 shares during the last quarter. Voya Investment Management LLC boosted its stake in GlobalFoundries by 2.9% in the first quarter. Voya Investment Management LLC now owns 12,288 shares of the company's stock valued at $454,000 after acquiring an additional 346 shares during the last quarter. Signaturefd LLC grew its position in shares of GlobalFoundries by 51.3% during the 1st quarter. Signaturefd LLC now owns 1,026 shares of the company's stock valued at $38,000 after acquiring an additional 348 shares during the period. Finally, Mariner LLC increased its stake in shares of GlobalFoundries by 5.5% during the 4th quarter. Mariner LLC now owns 8,111 shares of the company's stock worth $348,000 after purchasing an additional 420 shares during the last quarter.

GlobalFoundries Company 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.