State Board of Administration of Florida Retirement System Has $3.42 Million Holdings in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Posted by Defense World Staff on Sep 20th, 2023

State Board of Administration of Florida Retirement System lifted its stake in GLOBALFOUNDRIES Inc. (NASDAQ:GFS – Free Report) by 1.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,363 shares of the company’s stock after acquiring an additional 690 shares during the period. State Board of Administration of Florida Retirement System’s holdings in GLOBALFOUNDRIES were worth $3,419,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new position in GLOBALFOUNDRIES during the fourth quarter valued at about $80,293,000. Capital Research Global Investors raised its stake in shares of GLOBALFOUNDRIES by 1,042.5% in the first 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 in the last quarter. Matrix Capital Management Company LP lifted its position in GLOBALFOUNDRIES by 6.1% in the fourth quarter. Matrix Capital Management Company LP now owns 18,498,000 shares of the company’s stock worth $996,857,000 after purchasing an additional 1,069,740 shares during the period. First Trust Advisors LP lifted its position in GLOBALFOUNDRIES by 37.0% in the first quarter. First Trust Advisors LP now owns 1,486,900 shares of the company’s stock worth $107,324,000 after purchasing an additional 401,582 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in GLOBALFOUNDRIES by 187.6% during the first quarter. Renaissance Technologies LLC now owns 446,100 shares of the company’s stock worth $32,199,000 after buying an additional 291,000 shares in the last quarter. Institutional investors own 14.76% of the company’s stock.

Analyst Ratings Changes

GFS has been the subject of a number of recent research reports. Susquehanna dropped their price objective on shares of GLOBALFOUNDRIES from $84.00 to $82.00 and set a “positive” rating for the company in a research note on Friday, August 4th. Citigroup cut their price target on shares of GLOBALFOUNDRIES from $77.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, August 9th. HSBC decreased their price objective on GLOBALFOUNDRIES from $65.00 to $64.00 in a report on Wednesday, August 9th. Wolfe Research initiated coverage on GLOBALFOUNDRIES in a report on Wednesday, July 19th. They issued an “outperform” rating and a $80.00 target price for the company. Finally, Bank of America decreased their price target on GLOBALFOUNDRIES from $75.00 to $70.00 in a research note on Wednesday, August 9th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, GLOBALFOUNDRIES presently has an average rating of “Moderate Buy” and an average price target of $76.19.

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GLOBALFOUNDRIES Stock Down 0.7 %

Shares of NASDAQ GFS opened at $57.86 on Wednesday. GLOBALFOUNDRIES Inc. has a 12-month low of $46.52 and a 12-month high of $72.50. The firm’s 50-day simple moving average is $59.07 and its 200 day simple moving average is $61.18. The company has a quick ratio of 1.44, a current ratio of 1.98 and a debt-to-equity ratio of 0.24. The company has a market cap of $31.69 billion, a price-to-earnings ratio of 21.35, a price-to-earnings-growth ratio of 9.53 and a beta of 1.88.

GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) last announced its earnings results on Tuesday, August 8th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. GLOBALFOUNDRIES had a net margin of 19.07% and a return on equity of 16.16%. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.83 billion. On average, research analysts expect that GLOBALFOUNDRIES Inc. will post 1.9 earnings per share for the current fiscal year.

GLOBALFOUNDRIES Company Profile

(Free Report)

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.