Insider Buying: GlobalFoundries (NASDAQ:GFS) Director Acquires $380,000.00 in Stock

GlobalFoundries Inc. (NASDAQ:GFS) Director Jack Lazar purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 6th. The shares were purchased at an average cost of $38.00 per share, with a total value of $380,000.00. Following the completion of the purchase, the director owned 38,094 shares of the company’s stock, valued at $1,447,572. The trade was a 35.59% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.

GlobalFoundries Stock Performance

NASDAQ:GFS opened at $42.85 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 1.87. GlobalFoundries Inc. has a 1 year low of $32.02 and a 1 year high of $92.55. The stock’s 50 day simple moving average is $45.65 and its two-hundred day simple moving average is $54.83. The company has a market cap of $23.51 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 1.35 and a beta of 1.78.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. GlobalFoundries had a net margin of 2.81% and a return on equity of 7.16%. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the company posted $0.44 EPS. The business’s revenue was up 12.5% on a year-over-year basis. As a group, equities analysts anticipate that GlobalFoundries Inc. will post 1.51 earnings per share for the current fiscal year.

GlobalFoundries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 14th. Shareholders of record on Tuesday, December 22nd will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, December 22nd. This represents a $0.48 annualized dividend and a yield of 1.1%. GlobalFoundries’s dividend payout ratio (DPR) is presently 137.14%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GFS. Wedbush cut their price target on shares of GlobalFoundries from $72.00 to $45.00 and set a “neutral” rating on the stock in a report on Thursday, November 5th. Robert W. Baird set a $140.00 price target on GlobalFoundries in a research report on Thursday, August 6th. Needham & Company LLC lowered their price objective on shares of GlobalFoundries from $80.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, November 4th. TD Cowen lowered their price target on shares of GlobalFoundries from $75.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 5th. Finally, Weiss Ratings lowered shares of GlobalFoundries from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday. Eight equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $67.79.

Hedge Funds Weigh In On GlobalFoundries

A number of large investors have recently added to or reduced their stakes in the stock. Bessemer Group Inc. increased its position in shares of GlobalFoundries by 8,275,141.2% during the first quarter. Bessemer Group Inc. now owns 2,813,582 shares of the company’s stock valued at $125,147,000 after acquiring an additional 2,813,548 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of GlobalFoundries during the 3rd quarter worth approximately $40,775,000. Phoenix Financial Ltd. boosted its stake in GlobalFoundries by 42.3% in the third quarter. Phoenix Financial Ltd. now owns 1,868,297 shares of the company’s stock valued at $89,753,000 after acquiring an additional 555,195 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of GlobalFoundries by 322.8% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 715,000 shares of the company’s stock valued at $31,803,000 after acquiring an additional 545,900 shares during the period. Finally, Atreides Management LP purchased a new position in GlobalFoundries during the 1st quarter worth $21,110,000.

About GlobalFoundries

GlobalFoundries is a semiconductor foundry that manufactures integrated circuits for customers that design their own chips. Its services include wafer fabrication, process technology development, packaging support and design enablement, helping customers bring semiconductor products to market without operating their own fabrication facilities. The company focuses on specialty technologies used in areas such as automotive electronics, communications, industrial systems, smart devices and data centers.