Altus Wealth Group LLC Sells 576 Shares of Global Ship Lease, Inc. (NYSE:GSL)

Altus Wealth Group LLC lessened its position in Global Ship Lease, Inc. (NYSE:GSL) by 3.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,738 shares of the shipping company’s stock after selling 576 shares during the period. Altus Wealth Group LLC’s holdings in Global Ship Lease were worth $344,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Moors & Cabot Inc. grew its position in shares of Global Ship Lease by 2.2% in the 3rd quarter. Moors & Cabot Inc. now owns 33,150 shares of the shipping company’s stock worth $883,000 after buying an additional 700 shares during the last quarter. Moran Wealth Management LLC bought a new stake in Global Ship Lease in the third quarter valued at $2,894,000. Foundry Partners LLC increased its position in Global Ship Lease by 45.2% during the 3rd quarter. Foundry Partners LLC now owns 475,956 shares of the shipping company’s stock valued at $12,684,000 after purchasing an additional 148,247 shares during the period. Dynamic Technology Lab Private Ltd raised its holdings in Global Ship Lease by 12.2% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 30,992 shares of the shipping company’s stock worth $826,000 after purchasing an additional 3,377 shares in the last quarter. Finally, Centiva Capital LP lifted its position in shares of Global Ship Lease by 87.7% in the 3rd quarter. Centiva Capital LP now owns 26,447 shares of the shipping company’s stock worth $705,000 after purchasing an additional 12,354 shares during the period. Hedge funds and other institutional investors own 50.08% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GSL. Jefferies Financial Group reiterated a “buy” rating and set a $29.00 price target on shares of Global Ship Lease in a research report on Wednesday, March 5th. StockNews.com cut Global Ship Lease from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 7th.

Global Ship Lease Trading Up 1.0 %

Shares of NYSE GSL opened at $23.22 on Friday. The stock has a market cap of $855.86 million, a P/E ratio of 2.57 and a beta of 1.47. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.58. Global Ship Lease, Inc. has a 1 year low of $19.22 and a 1 year high of $30.32. The firm has a 50-day moving average of $22.13 and a 200 day moving average of $23.08.

Global Ship Lease (NYSE:GSL) last issued its quarterly earnings results on Wednesday, March 5th. The shipping company reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.25. Global Ship Lease had a return on equity of 27.88% and a net margin of 46.38%. The firm had revenue of $182.43 million for the quarter, compared to analysts’ expectations of $170.71 million. As a group, sell-side analysts expect that Global Ship Lease, Inc. will post 9.74 EPS for the current fiscal year.

Global Ship Lease Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were issued a dividend of $0.45 per share. The ex-dividend date was Monday, February 24th. This represents a $1.80 annualized dividend and a dividend yield of 7.75%. Global Ship Lease’s payout ratio is presently 18.50%.

About Global Ship Lease

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.