GlobalFoundries Inc. $GFS Shares Bought by Phoenix Financial Ltd.

Phoenix Financial Ltd. increased its stake in GlobalFoundries Inc. (NASDAQ:GFS) by 42.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,868,297 shares of the company’s stock after acquiring an additional 555,195 shares during the quarter. Phoenix Financial Ltd.’s holdings in GlobalFoundries were worth $89,753,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in GFS. Sei Investments Co. grew its position in shares of GlobalFoundries by 239.0% in the first quarter. Sei Investments Co. now owns 48,246 shares of the company’s stock valued at $2,146,000 after purchasing an additional 34,014 shares during the period. Bank of America Corp DE increased its stake in shares of GlobalFoundries by 106.1% during the first quarter. Bank of America Corp DE now owns 875,361 shares of the company’s stock worth $38,936,000 after purchasing an additional 450,722 shares in the last quarter. First Trust Advisors LP raised its position in shares of GlobalFoundries by 97.4% during the 1st quarter. First Trust Advisors LP now owns 264,837 shares of the company’s stock worth $11,780,000 after purchasing an additional 130,643 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of GlobalFoundries during the 2nd quarter worth about $3,067,000. Finally, Janus Henderson Group PLC acquired a new position in shares of GlobalFoundries during the 1st quarter worth about $1,108,000.

Insider Buying and Selling at GlobalFoundries

In related news, Director Jack R. Lazar bought 10,000 shares of the stock in a transaction dated Friday, November 6th. The shares were acquired at an average cost of $38.00 per share, for a total transaction of $380,000.00. Following the acquisition, the director directly owned 38,094 shares in the company, valued at approximately $1,447,572. This trade represents a 35.59% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ganesh Moorthy purchased 2,500 shares of the company’s stock in a transaction dated Thursday, November 5th. The stock was bought at an average price of $37.48 per share, with a total value of $93,700.00. Following the completion of the transaction, the director directly owned 5,500 shares of the company’s stock, valued at approximately $206,140. This represents a 83.33% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders sold 13,260 shares of company stock worth $647,905.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GFS. Robert W. Baird set a $140.00 price target on shares of GlobalFoundries in a research note on Thursday, August 6th. Morgan Stanley cut their price objective on GlobalFoundries from $60.00 to $56.00 and set an “equal weight” rating for the company in a research note on Monday, November 2nd. Needham & Company LLC cut their price objective on GlobalFoundries from $80.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, November 4th. Wedbush reduced their target price on GlobalFoundries from $72.00 to $45.00 and set a “neutral” rating for the company in a report on Thursday, November 5th. Finally, UBS Group decreased their target price on GlobalFoundries from $48.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, November 5th. Eight analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, GlobalFoundries presently has a consensus rating of “Hold” and a consensus target price of $67.79.

GlobalFoundries Price Performance

Shares of GlobalFoundries stock traded down $1.15 during trading hours on Friday, reaching $41.47. 2,780,537 shares of the company’s stock were exchanged, compared to its average volume of 5,657,166. The business has a fifty day moving average of $45.56 and a two-hundred day moving average of $54.79. The company has a market capitalization of $22.75 billion, a P/E ratio of 118.49, a price-to-earnings-growth ratio of 1.37 and a beta of 1.78. The company has a quick ratio of 1.87, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. GlobalFoundries Inc. has a 1 year low of $32.02 and a 1 year high of $92.55.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.02. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. GlobalFoundries had a net margin of 2.81% and a return on equity of 7.16%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period last year, the firm posted $0.44 earnings per share. As a group, research analysts predict that GlobalFoundries Inc. will post 1.55 earnings per share for the current fiscal year.

GlobalFoundries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 14th. Shareholders of record on Tuesday, December 22nd will be issued a $0.12 dividend. The ex-dividend date is Tuesday, December 22nd. This represents a $0.48 dividend on an annualized basis and a yield of 1.2%. GlobalFoundries’s dividend payout ratio is presently 137.14%.

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.