Handelsbanken Fonder AB Increases Stock Holdings in GLOBALFOUNDRIES Inc. (NASDAQ:GFS)

Handelsbanken Fonder AB raised its stake in GLOBALFOUNDRIES Inc. (NASDAQ:GFS) by 61.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,035 shares of the company’s stock after purchasing an additional 14,929 shares during the period. Handelsbanken Fonder AB’s holdings in GLOBALFOUNDRIES were worth $2,366,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina grew its position in shares of GLOBALFOUNDRIES by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 34,449 shares of the company’s stock worth $2,005,000 after acquiring an additional 180 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of GLOBALFOUNDRIES by 50.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock worth $34,000 after acquiring an additional 187 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of GLOBALFOUNDRIES by 6.2% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 5,389 shares of the company’s stock worth $314,000 after acquiring an additional 316 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of GLOBALFOUNDRIES by 5.5% during the third quarter. Principal Financial Group Inc. now owns 6,160 shares of the company’s stock worth $358,000 after acquiring an additional 321 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of GLOBALFOUNDRIES by 31.6% during the fourth quarter. Blue Trust Inc. now owns 1,510 shares of the company’s stock worth $88,000 after acquiring an additional 363 shares during the last quarter.

GLOBALFOUNDRIES Trading Up 1.3 %

GLOBALFOUNDRIES stock opened at $48.39 on Friday. The stock has a market cap of $26.51 billion, a PE ratio of 26.30, a P/E/G ratio of 3.99 and a beta of 1.61. The stock has a 50-day moving average price of $51.38 and a 200 day moving average price of $54.24. GLOBALFOUNDRIES Inc. has a 52 week low of $45.52 and a 52 week high of $68.57. The company has a current ratio of 2.04, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The firm’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.37 EPS. Equities research analysts predict that GLOBALFOUNDRIES Inc. will post 1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Citigroup lowered shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $70.00 to $56.00 in a research report on Wednesday, February 14th. Cantor Fitzgerald restated a “neutral” rating and set a $55.00 target price (down from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Susquehanna reaffirmed a “neutral” rating and set a $48.00 price target (down from $65.00) on shares of GLOBALFOUNDRIES in a report on Tuesday, March 5th. Bank of America decreased their price target on GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating for the company in a report on Tuesday, April 16th. Finally, Evercore ISI initiated coverage on GLOBALFOUNDRIES in a report on Tuesday, April 16th. They set an “outperform” rating and a $71.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.08.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.