Truvestments Capital LLC Takes Position in GlobalFoundries Inc. (NASDAQ:GFS)

Truvestments Capital LLC purchased a new stake in GlobalFoundries Inc. (NASDAQ:GFS) during the 3rd quarter, HoldingsChannel reports. The fund purchased 1,632 shares of the company’s stock, valued at approximately $66,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Marshall Wace LLP increased its holdings in GlobalFoundries by 108.6% during the 2nd quarter. Marshall Wace LLP now owns 2,496,871 shares of the company’s stock worth $126,242,000 after acquiring an additional 1,299,687 shares during the period. Dimensional Fund Advisors LP increased its holdings in GlobalFoundries by 13.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 653,918 shares of the company’s stock worth $33,063,000 after acquiring an additional 77,581 shares during the period. Citigroup Inc. increased its holdings in GlobalFoundries by 16.0% during the 3rd quarter. Citigroup Inc. now owns 628,259 shares of the company’s stock worth $25,287,000 after acquiring an additional 86,740 shares during the period. Renaissance Technologies LLC increased its holdings in GlobalFoundries by 267.7% during the 2nd quarter. Renaissance Technologies LLC now owns 354,049 shares of the company’s stock worth $17,901,000 after acquiring an additional 257,749 shares during the period. Finally, Ghisallo Capital Management LLC increased its holdings in GlobalFoundries by 200.0% during the 2nd quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after acquiring an additional 200,000 shares during the period.

GlobalFoundries Trading Down 1.9 %

Shares of GFS opened at $44.11 on Wednesday. The stock has a market capitalization of $24.34 billion, a P/E ratio of 32.92, a PEG ratio of 10.45 and a beta of 1.53. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19. The firm has a fifty day simple moving average of $40.57 and a two-hundred day simple moving average of $45.96. GlobalFoundries Inc. has a twelve month low of $35.85 and a twelve month high of $62.61.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.33 by $0.08. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The business had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the business earned $0.47 EPS. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, research analysts anticipate that GlobalFoundries Inc. will post 1.22 EPS for the current year.

Analyst Ratings Changes

GFS has been the topic of a number of analyst reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $40.00 target price on shares of GlobalFoundries in a report on Wednesday, November 6th. Citigroup cut their price target on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut their price target on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, November 6th. Finally, Robert W. Baird cut their price target on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, GlobalFoundries presently has an average rating of “Hold” and an average price target of $50.21.

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.