Meridian Wealth Management LLC Sells 13,640 Shares of GlobalFoundries Inc. (NASDAQ:GFS)

Meridian Wealth Management LLC decreased its stake in shares of GlobalFoundries Inc. (NASDAQ:GFS) by 34.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,943 shares of the company’s stock after selling 13,640 shares during the period. Meridian Wealth Management LLC’s holdings in GlobalFoundries were worth $1,044,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Ghisallo Capital Management LLC lifted its holdings in GlobalFoundries by 200.0% in the second quarter. Ghisallo Capital Management LLC now owns 300,000 shares of the company’s stock worth $15,168,000 after buying an additional 200,000 shares during the period. Lazard Asset Management LLC boosted its position in shares of GlobalFoundries by 47.3% during the first quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock valued at $127,000 after purchasing an additional 786 shares in the last quarter. Global X Japan Co. Ltd. grew its stake in GlobalFoundries by 52.0% in the second quarter. Global X Japan Co. Ltd. now owns 63,646 shares of the company’s stock worth $3,218,000 after purchasing an additional 21,765 shares during the period. Versor Investments LP raised its holdings in GlobalFoundries by 167.7% in the third quarter. Versor Investments LP now owns 19,008 shares of the company’s stock worth $765,000 after purchasing an additional 11,908 shares in the last quarter. Finally, Tidal Investments LLC lifted its position in GlobalFoundries by 343.7% during the first quarter. Tidal Investments LLC now owns 94,320 shares of the company’s stock valued at $4,915,000 after buying an additional 73,060 shares during the period.

Analysts Set New Price Targets

Several brokerages recently issued reports on GFS. Robert W. Baird decreased 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. UBS Group started coverage on shares of GlobalFoundries in a report on Wednesday. They set a “neutral” rating and a $47.00 target price for the company. Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft lowered their price objective on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Citigroup cut their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $50.21.

GlobalFoundries Stock Performance

Shares of GFS stock opened at $42.80 on Friday. The firm has a market capitalization of $23.62 billion, a PE ratio of 31.94, a P/E/G ratio of 10.26 and a beta of 1.53. The company has a 50 day moving average price of $40.46 and a 200-day moving average price of $46.10. GlobalFoundries Inc. has a 52 week low of $35.85 and a 52 week high of $62.61. The company has a quick ratio of 1.76, a current ratio of 2.42 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The firm’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.47 EPS. As a group, equities research analysts expect that GlobalFoundries Inc. will post 1.22 earnings per share for the current year.

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.