Highland Capital Management LLC Takes $810,000 Position in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Highland Capital Management LLC bought a new stake in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFSGet Rating) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 20,080 shares of the company’s stock, valued at approximately $810,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Matrix Capital Management Company LP raised its stake in GLOBALFOUNDRIES by 511.9% in the 1st quarter. Matrix Capital Management Company LP now owns 9,178,100 shares of the company’s stock valued at $572,897,000 after purchasing an additional 7,678,100 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in GLOBALFOUNDRIES in the 4th quarter valued at $81,213,000. Capital Research Global Investors raised its stake in GLOBALFOUNDRIES by 1,042.5% in the 1st quarter. Capital Research Global Investors now owns 1,316,303 shares of the company’s stock valued at $82,164,000 after purchasing an additional 1,201,093 shares during the last quarter. Millennium Management LLC acquired a new position in GLOBALFOUNDRIES in the 4th quarter valued at $70,017,000. Finally, American Century Companies Inc. acquired a new stake in shares of GLOBALFOUNDRIES in the 1st quarter worth $42,972,000. Hedge funds and other institutional investors own 14.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft raised their target price on GLOBALFOUNDRIES from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, August 10th. Citigroup cut their target price on GLOBALFOUNDRIES from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, August 10th. Bank of America cut their target price on GLOBALFOUNDRIES from $75.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, June 29th. Needham & Company LLC raised their price objective on GLOBALFOUNDRIES from $50.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. Finally, Susquehanna Bancshares cut their price objective on GLOBALFOUNDRIES from $85.00 to $75.00 in a research report on Monday, July 11th. One research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.60.

GLOBALFOUNDRIES Stock Down 2.5 %

GLOBALFOUNDRIES stock opened at $54.86 on Friday. The stock’s 50 day moving average price is $56.28 and its 200 day moving average price is $55.33. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.66 and a quick ratio of 1.28. The company has a market cap of $29.18 billion and a PE ratio of 60.96. GLOBALFOUNDRIES Inc. has a 1-year low of $36.81 and a 1-year high of $79.49.

GLOBALFOUNDRIES (NASDAQ:GFSGet Rating) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.14. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.97 billion. GLOBALFOUNDRIES had a return on equity of 6.23% and a net margin of 6.56%. On average, sell-side analysts predict that GLOBALFOUNDRIES Inc. will post 2.35 EPS for the current fiscal year.

GLOBALFOUNDRIES Company Profile

(Get Rating)

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. It manufactures integrated circuits, which enable various electronic devices that are pervasive. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems, as well as offers mainstream wafer fabrication services and technologies.

Further Reading

Want to see what other hedge funds are holding GFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GLOBALFOUNDRIES Inc. (NASDAQ:GFSGet Rating).

Institutional Ownership by Quarter for GLOBALFOUNDRIES (NASDAQ:GFS)

Receive News & Ratings for GLOBALFOUNDRIES Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GLOBALFOUNDRIES and related companies with MarketBeat.com's FREE daily email newsletter.