Global Ship Lease (NYSE:GSL) Shares Gap Down – Here’s Why

Global Ship Lease, Inc. (NYSE:GSL) shares gapped down prior to trading on Thursday . The stock had previously closed at $24.42, but opened at $23.70. Global Ship Lease shares last traded at $24.00, with a volume of 60,137 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $29.00 price target on shares of Global Ship Lease in a research note on Monday. StockNews.com lowered shares of Global Ship Lease from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Clarkson Capital lowered shares of Global Ship Lease from a “buy” rating to a “neutral” rating and set a $27.00 price objective on the stock. in a research report on Thursday.

Global Ship Lease Stock Performance

The stock’s 50-day moving average price is $24.54 and its 200 day moving average price is $25.94. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.42 and a quick ratio of 1.36. The firm has a market cap of $873.58 million, a P/E ratio of 2.66 and a beta of 1.62.

Global Ship Lease (NYSE:GSL) last issued its earnings results on Monday, November 11th. The shipping company reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $2.43 by $0.02. The business had revenue of $174.06 million for the quarter, compared to the consensus estimate of $175.83 million. Global Ship Lease had a net margin of 46.38% and a return on equity of 28.59%. During the same period in the previous year, the company earned $2.33 earnings per share. As a group, equities analysts predict that Global Ship Lease, Inc. will post 9.85 EPS for the current year.

Global Ship Lease Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Friday, November 22nd will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.80 dividend on an annualized basis and a yield of 7.59%. Global Ship Lease’s payout ratio is 16.61%.

Hedge Funds Weigh In On Global Ship Lease

A number of institutional investors have recently added to or reduced their stakes in GSL. Signaturefd LLC increased its holdings in shares of Global Ship Lease by 23.3% in the second quarter. Signaturefd LLC now owns 2,526 shares of the shipping company’s stock valued at $73,000 after purchasing an additional 477 shares during the last quarter. Mather Group LLC. acquired a new position in shares of Global Ship Lease in the second quarter valued at $88,000. Blue Trust Inc. increased its holdings in shares of Global Ship Lease by 2,642.1% in the second quarter. Blue Trust Inc. now owns 3,126 shares of the shipping company’s stock valued at $90,000 after purchasing an additional 3,012 shares during the last quarter. Fairscale Capital LLC acquired a new position in shares of Global Ship Lease in the second quarter valued at $107,000. Finally, nVerses Capital LLC increased its holdings in shares of Global Ship Lease by 355.6% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the shipping company’s stock valued at $118,000 after purchasing an additional 3,200 shares during the last quarter. 50.08% of the stock is currently 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.