Louisiana State Employees Retirement System Purchases New Shares in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Louisiana State Employees Retirement System purchased a new stake in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 43,500 shares of the company’s stock, valued at approximately $2,636,000.

Several other hedge funds also recently made changes to their positions in the company. Cerity Partners LLC bought a new stake in shares of GLOBALFOUNDRIES during the fourth quarter valued at approximately $272,000. Meeder Asset Management Inc. boosted its position in shares of GLOBALFOUNDRIES by 61.5% during the fourth quarter. Meeder Asset Management Inc. now owns 6,706 shares of the company’s stock valued at $406,000 after purchasing an additional 2,554 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in GLOBALFOUNDRIES by 16.2% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 7,582 shares of the company’s stock worth $463,000 after acquiring an additional 1,058 shares in the last quarter. Venture Visionary Partners LLC boosted its holdings in GLOBALFOUNDRIES by 17.0% in the fourth quarter. Venture Visionary Partners LLC now owns 31,008 shares of the company’s stock worth $1,879,000 after acquiring an additional 4,515 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in GLOBALFOUNDRIES by 5,093.1% in the fourth quarter. International Assets Investment Management LLC now owns 531,462 shares of the company’s stock worth $32,207,000 after acquiring an additional 521,228 shares in the last quarter.

GLOBALFOUNDRIES Price Performance

Shares of GLOBALFOUNDRIES stock opened at $47.26 on Tuesday. The stock has a 50 day moving average of $52.65 and a 200 day moving average of $54.82. GLOBALFOUNDRIES Inc. has a 12 month low of $46.73 and a 12 month high of $68.57. The firm has a market cap of $25.89 billion, a PE ratio of 25.68, a PEG ratio of 4.17 and a beta of 1.61. The company has a current ratio of 2.04, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16.

GLOBALFOUNDRIES (NASDAQ:GFS) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The company had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the company earned $1.37 earnings per share. The firm’s revenue was down 11.8% on a year-over-year basis. On average, research analysts expect that GLOBALFOUNDRIES Inc. will post 1 EPS for the current fiscal year.

Analysts Set New Price Targets

GFS has been the topic of several analyst reports. Robert W. Baird dropped their target price on GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. Susquehanna reissued a “neutral” rating and issued a $48.00 target price (down from $65.00) on shares of GLOBALFOUNDRIES in a report on Tuesday, March 5th. Citigroup downgraded GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $70.00 to $56.00 in a report on Wednesday, February 14th. JPMorgan Chase & Co. decreased their price target on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a research note on Wednesday, February 14th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $55.00 price target (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $63.25.

About GLOBALFOUNDRIES

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.