Shares of Global Ship Lease, Inc. (NYSE:GSL – Get Free Report) hit a new 52-week high during trading on Monday after the company announced a dividend. The stock traded as high as $42.70 and last traded at $42.15, with a volume of 35647 shares. The stock had previously closed at $42.29.
The newly announced dividend which will be paid on Wednesday, June 3rd. Investors of record on Friday, May 22nd will be paid a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 6.1%. The ex-dividend date of this dividend is Friday, May 22nd. Global Ship Lease’s dividend payout ratio is currently 21.95%.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on GSL. Weiss Ratings reiterated a “buy (b)” rating on shares of Global Ship Lease in a research report on Tuesday, April 21st. B. Riley Financial upped their price objective on shares of Global Ship Lease from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Zacks Research upgraded shares of Global Ship Lease from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 5th. Fearnley Fonds raised shares of Global Ship Lease from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Finally, Wall Street Zen cut Global Ship Lease from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.33.
Global Ship Lease Stock Performance
The firm has a fifty day moving average price of $38.92 and a 200 day moving average price of $36.57. The company has a current ratio of 2.04, a quick ratio of 2.00 and a debt-to-equity ratio of 0.30. The firm has a market cap of $1.48 billion, a PE ratio of 3.62 and a beta of 0.96.
Global Ship Lease (NYSE:GSL – Get Free Report) last released its quarterly earnings data on Thursday, March 5th. The shipping company reported $2.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.01. Global Ship Lease had a net margin of 54.33% and a return on equity of 22.35%. The firm had revenue of $190.95 million during the quarter, compared to analysts’ expectations of $188.39 million. The firm’s revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts expect that Global Ship Lease, Inc. will post 9.68 earnings per share for the current fiscal year.
Insider Activity at Global Ship Lease
In related news, insider Georgios Giannopoulos sold 7,692 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $38.51, for a total value of $296,218.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
Institutional Investors Weigh In On Global Ship Lease
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP acquired a new position in shares of Global Ship Lease in the 1st quarter valued at $12,681,000. Goldman Sachs Group Inc. increased its position in shares of Global Ship Lease by 407.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 170,769 shares of the shipping company’s stock worth $5,984,000 after purchasing an additional 137,113 shares during the last quarter. SG Americas Securities LLC raised its holdings in Global Ship Lease by 225.9% in the 1st quarter. SG Americas Securities LLC now owns 185,168 shares of the shipping company’s stock valued at $6,894,000 after buying an additional 128,351 shares during the period. Millennium Management LLC lifted its position in Global Ship Lease by 111.6% in the third quarter. Millennium Management LLC now owns 221,510 shares of the shipping company’s stock valued at $6,800,000 after buying an additional 116,837 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in Global Ship Lease by 23.4% in the third quarter. Qube Research & Technologies Ltd now owns 567,442 shares of the shipping company’s stock valued at $17,420,000 after buying an additional 107,651 shares during the last quarter. Institutional investors and hedge funds own 50.08% of the company’s stock.
Global Ship Lease Company Profile
Global Ship Lease (NYSE: GSL) is a Bermuda-based containership charter owner focused on acquiring, owning and leasing modern, fuel-efficient vessels to major liner operators. Founded in 2011 and listed on the New York Stock Exchange the same year, the company’s fleet primarily comprises post-Panamax containerships designed to serve the high-volume Asia–Europe and transpacific shipping lanes. By specializing in long-term charter agreements, Global Ship Lease aims to maintain stable revenue streams and minimize spot-market volatility.
The company’s business model centers on negotiating multi-year time charters with leading global shipping lines.
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