FY2024 EPS Estimates for GlobalFoundries Lowered by Wedbush

GlobalFoundries Inc. (NASDAQ:GFS) – Wedbush decreased their FY2024 earnings per share (EPS) estimates for GlobalFoundries in a research note issued to investors on Tuesday, January 14th. Wedbush analyst M. Bryson now anticipates that the company will post earnings per share of $0.91 for the year, down from their prior forecast of $1.25. Wedbush has a “Outperform” rating and a $60.00 price objective on the stock. The consensus estimate for GlobalFoundries’ current full-year earnings is $1.22 per share. Wedbush also issued estimates for GlobalFoundries’ Q4 2024 earnings at $0.30 EPS and FY2025 earnings at $1.19 EPS.

GFS has been the topic of several other reports. Robert W. Baird decreased their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Morgan Stanley lowered shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $53.00 to $43.00 in a report on Monday, October 28th. Evercore ISI lowered their price objective on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. UBS Group initiated coverage on shares of GlobalFoundries in a research report on Wednesday, November 20th. They issued a “neutral” rating and a $47.00 target price for the company. Finally, Susquehanna lowered their price target on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $50.21.

GlobalFoundries Stock Performance

NASDAQ:GFS opened at $41.84 on Thursday. The stock has a market cap of $23.09 billion, a P/E ratio of 31.22, a PEG ratio of 10.71 and a beta of 1.57. 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 business’s 50-day moving average price is $43.18 and its two-hundred day moving average price is $44.06. GlobalFoundries has a twelve month low of $35.85 and a twelve month high of $61.98.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.08. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. GlobalFoundries had a net margin of 10.95% and a return on equity of 6.87%. The business’s quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 earnings per share.

Institutional Trading of GlobalFoundries

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new stake in GlobalFoundries during the 3rd quarter valued at $34,000. US Bancorp DE increased its position in shares of GlobalFoundries by 77.0% in the third quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after acquiring an additional 530 shares during the period. AM Squared Ltd bought a new position in shares of GlobalFoundries during the third quarter valued at about $60,000. Advisors Asset Management Inc. boosted its holdings in shares of GlobalFoundries by 41.0% during the third quarter. Advisors Asset Management Inc. now owns 1,593 shares of the company’s stock worth $64,000 after purchasing an additional 463 shares during the period. Finally, Truvestments Capital LLC purchased a new stake in shares of GlobalFoundries during the third quarter worth about $66,000.

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.