Truvestments Capital LLC Reduces Stock Holdings in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Truvestments Capital LLC lessened its stake in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 61.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,116 shares of the company’s stock after selling 3,350 shares during the quarter. Truvestments Capital LLC’s holdings in GLOBALFOUNDRIES were worth $110,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of GFS. Mubadala Investment Co PJSC purchased a new position in GLOBALFOUNDRIES during the fourth quarter worth about $28,451,821,000. Kodai Capital Management LP purchased a new position in GLOBALFOUNDRIES during the fourth quarter worth about $67,351,000. International Assets Investment Management LLC boosted its stake in GLOBALFOUNDRIES by 5,093.1% during the fourth quarter. International Assets Investment Management LLC now owns 531,462 shares of the company’s stock worth $32,207,000 after buying an additional 521,228 shares during the period. Norges Bank purchased a new position in GLOBALFOUNDRIES during the fourth quarter worth about $18,629,000. Finally, Dimensional Fund Advisors LP boosted its stake in GLOBALFOUNDRIES by 124.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 488,048 shares of the company’s stock worth $29,581,000 after buying an additional 270,520 shares during the period.

Wall Street Analysts Forecast Growth

GFS has been the subject of several research analyst reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $55.00 target price on shares of GLOBALFOUNDRIES in a research note on Tuesday, July 16th. Bank of America lowered their price objective on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating for the company in a research note on Tuesday, April 16th. Susquehanna raised their price objective on shares of GLOBALFOUNDRIES from $48.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. HSBC reduced their target price on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a report on Friday, May 3rd. Finally, Jefferies Financial Group assumed coverage on shares of GLOBALFOUNDRIES in a report on Monday, May 13th. They issued a “buy” rating and a $62.00 target price on the stock. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $59.00.

GLOBALFOUNDRIES Stock Up 1.6 %

GFS stock traded up $0.81 during midday trading on Friday, reaching $51.75. 845,217 shares of the company were exchanged, compared to its average volume of 1,617,905. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.59 and a current ratio of 2.18. GLOBALFOUNDRIES Inc. has a 1-year low of $45.52 and a 1-year high of $63.85. The stock’s 50-day simple moving average is $51.56 and its 200 day simple moving average is $52.35. The company has a market cap of $28.55 billion, a price-to-earnings ratio of 31.94, a price-to-earnings-growth ratio of 4.87 and a beta of 1.56.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.09. GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. On average, equities analysts forecast that GLOBALFOUNDRIES Inc. will post 1.06 earnings per share for the current 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.