Global Ship Lease (NYSE:GSL) Upgraded at Zacks Research

Zacks Research upgraded shares of Global Ship Lease (NYSE:GSL) from a hold rating to a strong-buy rating in a research note published on Monday,Zacks.com reports.

GSL has been the subject of several other reports. Jefferies Financial Group reiterated a “buy” rating and set a $33.00 price objective on shares of Global Ship Lease in a report on Tuesday, August 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Global Ship Lease in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Global Ship Lease from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $30.50.

Global Ship Lease Price Performance

Shares of NYSE:GSL opened at $28.40 on Monday. The company has a current ratio of 2.01, a quick ratio of 1.94 and a debt-to-equity ratio of 0.37. Global Ship Lease has a 1 year low of $17.73 and a 1 year high of $33.08. The business has a fifty day simple moving average of $30.53 and a 200 day simple moving average of $26.66. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 2.64 and a beta of 1.20.

Global Ship Lease (NYSE:GSL) last announced its quarterly earnings data on Tuesday, August 5th. The shipping company reported $2.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.52. Global Ship Lease had a return on equity of 24.81% and a net margin of 53.09%.The business had revenue of $191.86 million during the quarter, compared to analyst estimates of $177.98 million. As a group, sell-side analysts predict that Global Ship Lease will post 9.74 earnings per share for the current fiscal year.

Global Ship Lease Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 24th were given a $0.5469 dividend. This is an increase from Global Ship Lease’s previous quarterly dividend of $0.53. This represents a $2.19 annualized dividend and a dividend yield of 7.7%. Global Ship Lease’s dividend payout ratio (DPR) is currently 19.50%.

Institutional Investors Weigh In On Global Ship Lease

A number of institutional investors have recently added to or reduced their stakes in the company. Donald Smith & CO. Inc. grew its position in Global Ship Lease by 0.6% during the second quarter. Donald Smith & CO. Inc. now owns 3,238,868 shares of the shipping company’s stock worth $85,215,000 after buying an additional 18,783 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in Global Ship Lease during the second quarter worth about $68,680,000. Acadian Asset Management LLC grew its position in Global Ship Lease by 7.3% during the second quarter. Acadian Asset Management LLC now owns 1,305,109 shares of the shipping company’s stock worth $34,314,000 after buying an additional 89,258 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Global Ship Lease by 5.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 613,287 shares of the shipping company’s stock worth $16,136,000 after buying an additional 31,047 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in Global Ship Lease by 1.9% during the second quarter. Harbor Capital Advisors Inc. now owns 536,747 shares of the shipping company’s stock worth $14,122,000 after buying an additional 9,978 shares in the last quarter. 50.08% of the stock is owned by institutional investors and hedge funds.

Global Ship Lease Company Profile

Global Ship Lease, Inc, together with its subsidiaries, engages in owning and chartering of containerships under fixed-rate charters to container shipping companies worldwide. As of March 11, 2024, it owned 68 mid-sized and smaller containerships, ranging from 2,207 to 11,040 twenty-foot equivalent unit (TEU), with an aggregate capacity of 375,406 TEU.