Principal Financial Group Inc. Sells 813 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Principal Financial Group Inc. lessened its position in GlobalFoundries Inc. (NASDAQ:GFS) by 11.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,528 shares of the company’s stock after selling 813 shares during the quarter. Principal Financial Group Inc.’s holdings in GlobalFoundries were worth $263,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in GlobalFoundries by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 252,416 shares of the company’s stock valued at $13,153,000 after acquiring an additional 4,845 shares during the period. Lazard Asset Management LLC increased its stake in shares of GlobalFoundries by 47.3% during the first quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock valued at $127,000 after purchasing an additional 786 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of GlobalFoundries by 15.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,395 shares of the company’s stock valued at $907,000 after purchasing an additional 2,363 shares during the last quarter. Tidal Investments LLC boosted its position in shares of GlobalFoundries by 343.7% in the 1st quarter. Tidal Investments LLC now owns 94,320 shares of the company’s stock worth $4,915,000 after purchasing an additional 73,060 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of GlobalFoundries by 13.9% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 8,639 shares of the company’s stock worth $445,000 after buying an additional 1,057 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on GFS shares. Evercore ISI lowered their price objective on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft lowered their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Susquehanna cut their price objective on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Cantor Fitzgerald restated a “neutral” rating and set a $40.00 price objective on shares of GlobalFoundries in a research note on Wednesday, November 6th. Finally, UBS Group initiated coverage on shares of GlobalFoundries in a research note on Wednesday, November 20th. They issued a “neutral” rating and a $47.00 target price on the stock. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $50.21.

GlobalFoundries Trading Up 5.0 %

Shares of GFS stock opened at $44.95 on Tuesday. The company has a current ratio of 2.42, a quick ratio of 1.76 and a debt-to-equity ratio of 0.19. GlobalFoundries Inc. has a 12-month low of $35.85 and a 12-month high of $62.61. The stock has a market capitalization of $24.80 billion, a P/E ratio of 33.54, a P/E/G ratio of 10.45 and a beta of 1.53. The firm’s 50 day moving average is $40.46 and its 200 day moving average is $46.00.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.73 billion. GlobalFoundries had a return on equity of 6.87% and a net margin of 10.95%. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the business posted $0.47 EPS. Research analysts expect that GlobalFoundries Inc. will post 1.22 earnings per share for the current year.

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.