Morgan Stanley Downgrades GlobalFoundries (NASDAQ:GFS) to Equal Weight

Morgan Stanley lowered shares of GlobalFoundries (NASDAQ:GFS) from an overweight rating to an equal weight rating in a research note published on Monday, Marketbeat.com reports. They currently have $43.00 price target on the stock, down from their prior price target of $53.00.

Other equities analysts also recently issued research reports about the stock. Cantor Fitzgerald decreased their price objective on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. TD Cowen lowered their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a report on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $65.00 target price on shares of GlobalFoundries in a research note on Wednesday, August 7th. Finally, Evercore ISI dropped their price target on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, GlobalFoundries has an average rating of “Hold” and an average price target of $54.85.

GlobalFoundries Stock Down 4.2 %

Shares of NASDAQ:GFS opened at $36.50 on Monday. The firm has a market cap of $20.14 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 6.35 and a beta of 1.52. The company has a fifty day simple moving average of $40.96 and a 200 day simple moving average of $46.80. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. GlobalFoundries has a 12-month low of $35.87 and a 12-month high of $62.61.

GlobalFoundries (NASDAQ:GFS) last released its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.10. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the firm earned $0.45 EPS. The company’s revenue was down 11.5% on a year-over-year basis. On average, equities research analysts anticipate that GlobalFoundries will post 1.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of GlobalFoundries by 17.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 83,162 shares of the company’s stock valued at $4,334,000 after acquiring an additional 12,487 shares in the last quarter. Norden Group LLC acquired a new position in shares of GlobalFoundries during the 1st quarter valued at $400,000. Principal Financial Group Inc. raised its stake in shares of GlobalFoundries by 32.5% in the 1st quarter. Principal Financial Group Inc. now owns 6,530 shares of the company’s stock worth $340,000 after buying an additional 1,603 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of GlobalFoundries by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,773 shares of the company’s stock valued at $59,018,000 after buying an additional 68,626 shares during the period. Finally, Daiwa Securities Group Inc. boosted its stake in GlobalFoundries by 3.6% during the first quarter. Daiwa Securities Group Inc. now owns 61,324 shares of the company’s stock valued at $3,195,000 after buying an additional 2,159 shares in the last quarter.

GlobalFoundries Company Profile

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.