Envestnet Asset Management Inc. Reduces Stock Position in Global Ship Lease, Inc. $GSL

Envestnet Asset Management Inc. trimmed its holdings in shares of Global Ship Lease, Inc. (NYSE:GSL) by 21.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,223 shares of the shipping company’s stock after selling 4,789 shares during the period. Envestnet Asset Management Inc.’s holdings in Global Ship Lease were worth $453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in GSL. Commons Capital LLC raised its position in shares of Global Ship Lease by 244.0% during the 2nd quarter. Commons Capital LLC now owns 86,000 shares of the shipping company’s stock worth $2,263,000 after acquiring an additional 61,000 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in Global Ship Lease by 10.1% in the second quarter. Allianz Asset Management GmbH now owns 385,416 shares of the shipping company’s stock valued at $10,140,000 after purchasing an additional 35,205 shares in the last quarter. U S Global Investors Inc. acquired a new stake in Global Ship Lease during the second quarter worth approximately $173,000. Ameritas Advisory Services LLC acquired a new stake in Global Ship Lease during the second quarter worth approximately $72,000. Finally, Highline Wealth Partners LLC lifted its position in shares of Global Ship Lease by 11.2% during the 2nd quarter. Highline Wealth Partners LLC now owns 9,450 shares of the shipping company’s stock worth $249,000 after buying an additional 950 shares during the last quarter. 50.08% of the stock is owned by institutional investors and hedge funds.

Global Ship Lease Stock Up 1.6%

Shares of Global Ship Lease stock opened at $35.12 on Wednesday. Global Ship Lease, Inc. has a one year low of $17.73 and a one year high of $35.59. The company has a market cap of $1.26 billion, a P/E ratio of 3.26 and a beta of 1.20. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.94 and a current ratio of 2.01. The firm has a fifty day moving average of $31.19 and a two-hundred day moving average of $29.03.

Global Ship Lease (NYSE:GSL) last issued its quarterly earnings results on Monday, November 10th. The shipping company reported $2.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.27 by $0.35. The business had revenue of $192.67 million for the quarter, compared to analyst estimates of $180.36 million. Global Ship Lease had a net margin of 53.09% and a return on equity of 24.81%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, analysts forecast that Global Ship Lease, Inc. will post 9.74 earnings per share for the current year.

Global Ship Lease Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a dividend of $0.625 per share. This is a positive change from Global Ship Lease’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Friday, November 21st. This represents a $2.50 dividend on an annualized basis and a dividend yield of 7.1%. Global Ship Lease’s dividend payout ratio (DPR) is currently 22.44%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GSL. Zacks Research upgraded shares of Global Ship Lease from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. Jefferies Financial Group raised their price objective on Global Ship Lease from $33.00 to $39.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Wall Street Zen upgraded Global Ship Lease from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Global Ship Lease in a research report on Wednesday, October 8th. One investment 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. According to MarketBeat, Global Ship Lease has a consensus rating of “Buy” and an average target price of $33.50.

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.