Argus Begins Coverage on GlobalFoundries (NASDAQ:GFS)

Argus assumed coverage on shares of GlobalFoundries (NASDAQ:GFS) in a research note published on Tuesday, Marketbeat reports. The brokerage issued a buy rating and a $52.00 price objective on the stock.

Other analysts have also issued research reports about the stock. UBS Group lowered their price target on shares of GlobalFoundries from $45.00 to $37.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 29th. Cantor Fitzgerald reiterated a “neutral” rating on shares of GlobalFoundries in a research note on Monday, May 5th. Morgan Stanley dropped their target price on GlobalFoundries from $42.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 7th. Finally, Citigroup cut their price target on GlobalFoundries from $40.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

GlobalFoundries Stock Performance

Shares of GFS opened at $39.38 on Tuesday. GlobalFoundries has a 1 year low of $29.77 and a 1 year high of $61.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.51 and a quick ratio of 1.77. The stock’s fifty day moving average price is $37.46 and its two-hundred day moving average price is $38.70. The firm has a market cap of $21.77 billion, a PE ratio of -115.81, a PEG ratio of 1.24 and a beta of 1.50.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.06. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. GlobalFoundries had a positive return on equity of 6.28% and a negative net margin of 2.77%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 EPS. On average, equities research analysts forecast that GlobalFoundries will post 1.31 EPS for the current year.

Hedge Funds Weigh In On GlobalFoundries

A number of institutional investors have recently added to or reduced their stakes in GFS. Signaturefd LLC grew its stake in GlobalFoundries by 153.9% in the 4th quarter. Signaturefd LLC now owns 678 shares of the company’s stock worth $29,000 after buying an additional 411 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in GlobalFoundries in the first quarter worth $33,000. Summit Securities Group LLC increased its stake in GlobalFoundries by 142.2% in the first quarter. Summit Securities Group LLC now owns 1,298 shares of the company’s stock valued at $48,000 after acquiring an additional 762 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in GlobalFoundries in the fourth quarter valued at $52,000. Finally, Graney & King LLC purchased a new stake in GlobalFoundries during the fourth quarter valued at about $68,000.

About GlobalFoundries

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.