Readystate Asset Management LP Makes New $3.52 Million Investment in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Readystate Asset Management LP bought a new position in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 58,098 shares of the company’s stock, valued at approximately $3,521,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GFS. Price T Rowe Associates Inc. MD increased its holdings in shares of GLOBALFOUNDRIES by 14.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,032 shares of the company’s stock worth $911,000 after purchasing an additional 1,945 shares during the period. Public Employees Retirement System of Ohio increased its holdings in shares of GLOBALFOUNDRIES by 3.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 33,203 shares of the company’s stock worth $2,012,000 after purchasing an additional 987 shares during the period. Venture Visionary Partners LLC increased its holdings in shares of GLOBALFOUNDRIES by 20.7% during the 4th quarter. Venture Visionary Partners LLC now owns 31,964 shares of the company’s stock worth $1,937,000 after purchasing an additional 5,471 shares during the period. Legal & General Group Plc increased its holdings in shares of GLOBALFOUNDRIES by 0.5% during the 4th quarter. Legal & General Group Plc now owns 285,232 shares of the company’s stock worth $17,285,000 after purchasing an additional 1,494 shares during the period. Finally, Barclays PLC increased its holdings in shares of GLOBALFOUNDRIES by 138.0% during the 4th quarter. Barclays PLC now owns 511,882 shares of the company’s stock worth $31,020,000 after purchasing an additional 296,785 shares during the period.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on GFS shares. Bank of America dropped their price objective on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating on the stock in a report on Tuesday. Evercore ISI initiated coverage on shares of GLOBALFOUNDRIES in a research note on Tuesday. They issued an “outperform” rating and a $71.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 14th. Susquehanna reissued a “neutral” rating and issued a $48.00 target price (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research note on Tuesday, March 5th. Finally, Robert W. Baird lowered their target price on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, GLOBALFOUNDRIES currently has an average rating of “Moderate Buy” and an average price target of $63.08.

GLOBALFOUNDRIES Price Performance

Shares of GFS stock traded down $0.44 during trading hours on Wednesday, reaching $47.36. 1,242,871 shares of the company were exchanged, compared to its average volume of 1,560,085. GLOBALFOUNDRIES Inc. has a fifty-two week low of $46.73 and a fifty-two week high of $68.57. The stock’s fifty day moving average is $52.47 and its two-hundred day moving average is $54.70. The company has a market cap of $25.94 billion, a price-to-earnings ratio of 25.74, a P/E/G ratio of 3.99 and a beta of 1.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.04 and a quick ratio of 1.56.

GLOBALFOUNDRIES (NASDAQ:GFS) last announced its earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the business earned $1.37 earnings per share. GLOBALFOUNDRIES’s quarterly revenue was down 11.8% on a year-over-year basis. Sell-side analysts forecast that GLOBALFOUNDRIES Inc. will post 1 earnings per share for the current fiscal year.

GLOBALFOUNDRIES Profile

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.