Global Ship Lease (NYSE:GSL) Shares Gap Down – Should You Sell?

Global Ship Lease, Inc. (NYSE:GSL)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $22.85, but opened at $22.24. Global Ship Lease shares last traded at $22.11, with a volume of 104,237 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GSL. Clarkson Capital cut shares of Global Ship Lease from a “buy” rating to a “neutral” rating and set a $27.00 target price for the company. in a research report on Thursday, November 14th. StockNews.com lowered shares of Global Ship Lease from a “strong-buy” rating to a “buy” rating in a report on Friday, October 25th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $29.00 target price on shares of Global Ship Lease in a report on Monday, November 11th.

Global Ship Lease Trading Down 0.6 %

The company’s 50-day moving average is $24.51 and its 200-day moving average is $25.93. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.58 and a current ratio of 1.64. The firm has a market cap of $820.50 million, a price-to-earnings ratio of 2.47 and a beta of 1.62.

Global Ship Lease (NYSE:GSL) last announced its earnings results on Monday, November 11th. The shipping company reported $2.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.43 by $0.02. The company had revenue of $174.06 million for the quarter, compared to analyst estimates of $175.83 million. Global Ship Lease had a net margin of 46.38% and a return on equity of 27.88%. During the same period in the prior year, the business earned $2.33 earnings per share. On average, research analysts predict that Global Ship Lease, Inc. will post 9.85 earnings per share for the current year.

Global Ship Lease Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Friday, November 22nd will be given a $0.45 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.80 dividend on an annualized basis and a yield of 8.09%. Global Ship Lease’s payout ratio is 16.61%.

Institutional Investors Weigh In On Global Ship Lease

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC raised its holdings in Global Ship Lease by 3,779.3% during the 2nd quarter. Acadian Asset Management LLC now owns 1,508,898 shares of the shipping company’s stock worth $43,406,000 after purchasing an additional 1,470,002 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Global Ship Lease by 275.5% during the second quarter. Marshall Wace LLP now owns 1,068,524 shares of the shipping company’s stock worth $30,763,000 after buying an additional 783,963 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Global Ship Lease by 147.1% during the third quarter. Harbor Capital Advisors Inc. now owns 506,085 shares of the shipping company’s stock worth $13,487,000 after buying an additional 301,280 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Global Ship Lease by 97.9% in the second quarter. Renaissance Technologies LLC now owns 557,050 shares of the shipping company’s stock valued at $16,037,000 after buying an additional 275,500 shares during the period. Finally, Donald Smith & CO. Inc. boosted its stake in Global Ship Lease by 14.1% in the third quarter. Donald Smith & CO. Inc. now owns 1,857,529 shares of the shipping company’s stock valued at $49,503,000 after acquiring an additional 229,623 shares during the last quarter. Institutional investors own 50.08% of the company’s stock.

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.