Meridian Wealth Management LLC Reduces Position in GlobalFoundries Inc. (NASDAQ:GFS)

Meridian Wealth Management LLC trimmed its stake in GlobalFoundries Inc. (NASDAQ:GFS) by 34.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,943 shares of the company’s stock after selling 13,640 shares during the period. Meridian Wealth Management LLC’s holdings in GlobalFoundries were worth $1,044,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Ghisallo Capital Management LLC increased its position in GlobalFoundries by 200.0% in the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after buying an additional 200,000 shares in the last quarter. Lazard Asset Management LLC increased its holdings in GlobalFoundries by 47.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock worth $127,000 after acquiring an additional 786 shares in the last quarter. Global X Japan Co. Ltd. increased its holdings in GlobalFoundries by 52.0% in the 2nd quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company’s stock worth $3,218,000 after acquiring an additional 21,765 shares in the last quarter. Versor Investments LP raised its stake in GlobalFoundries by 167.7% during the 3rd quarter. Versor Investments LP now owns 19,008 shares of the company’s stock worth $765,000 after acquiring an additional 11,908 shares during the period. Finally, Tidal Investments LLC lifted its holdings in GlobalFoundries by 343.7% during the first quarter. Tidal Investments LLC now owns 94,320 shares of the company’s stock valued at $4,915,000 after purchasing an additional 73,060 shares in the last quarter.

GlobalFoundries Stock Up 1.9 %

NASDAQ GFS opened at $42.80 on Friday. The stock has a 50 day moving average price of $40.46 and a 200-day moving average price of $46.10. GlobalFoundries Inc. has a one year low of $35.85 and a one year high of $62.61. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.76 and a current ratio of 2.42. The company has a market capitalization of $23.62 billion, a P/E ratio of 31.94, a P/E/G ratio of 10.26 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.33 by $0.08. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The business had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the business earned $0.47 earnings per share. GlobalFoundries’s quarterly revenue was down 6.1% compared to the same quarter last year. As a group, equities analysts predict that GlobalFoundries Inc. will post 1.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Citigroup reduced their price objective on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Wedbush reiterated an “outperform” rating and issued a $60.00 price target (down previously from $65.00) on shares of GlobalFoundries in a research note on Tuesday, November 5th. Cantor Fitzgerald restated a “neutral” rating and issued a $40.00 price objective on shares of GlobalFoundries in a research report on Wednesday, November 6th. UBS Group assumed coverage on GlobalFoundries in a research note on Wednesday. They issued a “neutral” rating and a $47.00 price objective for the company. Finally, Robert W. Baird decreased their target price on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, GlobalFoundries presently has a consensus rating of “Hold” and a consensus target price of $50.21.

GlobalFoundries Profile

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.