abrdn plc Increases Position in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

abrdn plc boosted its holdings in shares of GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 150.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,004 shares of the company’s stock after acquiring an additional 15,610 shares during the quarter. abrdn plc’s holdings in GLOBALFOUNDRIES were worth $1,528,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of GLOBALFOUNDRIES by 50.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock worth $34,000 after acquiring an additional 187 shares during the period. PNC Financial Services Group Inc. grew its stake in GLOBALFOUNDRIES by 442.4% in the third quarter. PNC Financial Services Group Inc. now owns 895 shares of the company’s stock worth $52,000 after purchasing an additional 730 shares in the last quarter. Advisors Preferred LLC purchased a new position in GLOBALFOUNDRIES during the 3rd quarter worth $58,000. Blue Trust Inc. lifted its holdings in shares of GLOBALFOUNDRIES by 31.6% in the 4th quarter. Blue Trust Inc. now owns 1,510 shares of the company’s stock worth $88,000 after buying an additional 363 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of GLOBALFOUNDRIES by 230.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,041 shares of the company’s stock worth $119,000 after buying an additional 1,423 shares in the last quarter.

GLOBALFOUNDRIES Stock Performance

GFS opened at $48.80 on Tuesday. The firm has a 50 day moving average of $51.29 and a two-hundred day moving average of $54.13. The firm has a market capitalization of $26.73 billion, a PE ratio of 26.52, a P/E/G ratio of 4.09 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 Inc. has a 12-month low of $45.52 and a 12-month high of $68.57.

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

Analyst Ratings Changes

GFS has been the subject of several recent research reports. Cantor Fitzgerald restated a “neutral” rating and issued a $55.00 price objective (down from $70.00) on shares of GLOBALFOUNDRIES in a report on Monday, April 8th. Bank of America lowered their price target on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating for the company in a research report on Tuesday, April 16th. Citigroup lowered shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and cut their price objective for the company from $70.00 to $56.00 in a report on Wednesday, February 14th. Evercore ISI assumed coverage on GLOBALFOUNDRIES in a report on Tuesday, April 16th. They issued an “outperform” rating and a $71.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a research note on Wednesday, February 14th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.08.

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.