Meridian Wealth Management LLC Sells 10,224 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Meridian Wealth Management LLC cut its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 39.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,719 shares of the company’s stock after selling 10,224 shares during the period. Meridian Wealth Management LLC’s holdings in GlobalFoundries were worth $675,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of GFS. Allspring Global Investments Holdings LLC bought a new position in GlobalFoundries during the 3rd quarter valued at $34,000. Blue Trust Inc. raised its stake in shares of GlobalFoundries by 206.4% during the 4th quarter. Blue Trust Inc. now owns 1,106 shares of the company’s stock worth $45,000 after purchasing an additional 745 shares during the period. US Bancorp DE raised its stake in shares of GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock worth $49,000 after purchasing an additional 530 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of GlobalFoundries during the 4th quarter worth $52,000. Finally, AM Squared Ltd bought a new stake in shares of GlobalFoundries during the 3rd quarter worth $60,000.

GlobalFoundries Stock Up 1.9 %

GFS stock opened at $37.57 on Wednesday. GlobalFoundries Inc. has a twelve month low of $35.85 and a twelve month high of $61.98. The company has a quick ratio of 1.57, a current ratio of 2.11 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $20.73 billion, a PE ratio of -78.27, a PEG ratio of 1.42 and a beta of 1.56. The stock has a 50-day simple moving average of $41.78 and a two-hundred day simple moving average of $41.89.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, February 11th. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.07). GlobalFoundries had a positive return on equity of 6.05% and a negative net margin of 3.93%. On average, equities analysts predict that GlobalFoundries Inc. will post 1.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GFS has been the topic of a number of recent analyst reports. Wedbush reiterated an “outperform” rating and set a $60.00 target price on shares of GlobalFoundries in a research note on Wednesday, February 12th. Cantor Fitzgerald reiterated a “neutral” rating and set a $40.00 target price on shares of GlobalFoundries in a research note on Wednesday, November 6th. Citigroup lowered their price objective on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. Needham & Company LLC upgraded GlobalFoundries from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Wednesday, February 12th. Finally, Morgan Stanley boosted their price objective on GlobalFoundries from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, GlobalFoundries presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.64.

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.