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 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.

Analyst Upgrades and Downgrades

Several research firms recently commented on GSL. Jefferies Financial Group reiterated a “buy” rating and set a $29.00 price objective on shares of Global Ship Lease in a research note on Monday, November 11th. Clarkson Capital lowered Global Ship Lease from a “buy” rating to a “neutral” rating and set a $27.00 price objective for the company. in a report on Thursday. Finally, StockNews.com cut Global Ship Lease from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 25th.

Global Ship Lease Stock Down 0.7 %

The company has a market capitalization of $871.60 million, a price-to-earnings ratio of 2.62 and a beta of 1.62. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.36 and a current ratio of 1.64. The business’s 50 day moving average is $24.54 and its 200 day moving average is $25.93.

Global Ship Lease (NYSE:GSL) last announced its quarterly earnings data on Monday, November 11th. The shipping company reported $2.45 EPS for the quarter, beating the consensus estimate of $2.43 by $0.02. The business had revenue of $174.06 million during the quarter, compared to analysts’ expectations 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 previous year, the business posted $2.33 EPS. Sell-side analysts anticipate that Global Ship Lease, Inc. will post 9.85 earnings per share for the current year.

Global Ship Lease Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Friday, November 22nd will be paid a $0.45 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.80 annualized dividend and a dividend yield of 7.61%. Global Ship Lease’s dividend payout ratio is presently 19.93%.

Hedge Funds Weigh In On Global Ship Lease

Large investors have recently added to or reduced their stakes in the stock. Signaturefd LLC grew its stake in Global Ship Lease by 23.3% during the 2nd quarter. Signaturefd LLC now owns 2,526 shares of the shipping company’s stock valued at $73,000 after acquiring an additional 477 shares in the last quarter. Mather Group LLC. acquired a new stake in shares of Global Ship Lease during the second quarter worth about $88,000. Blue Trust Inc. boosted its position in Global Ship Lease by 2,642.1% in the 2nd quarter. Blue Trust Inc. now owns 3,126 shares of the shipping company’s stock valued at $90,000 after buying an additional 3,012 shares during the period. Quarry LP grew its stake in Global Ship Lease by 75.0% during the 3rd quarter. Quarry LP now owns 3,495 shares of the shipping company’s stock worth $93,000 after purchasing an additional 1,498 shares in the last quarter. Finally, Fairscale Capital LLC purchased a new stake in Global Ship Lease during the 2nd quarter worth about $107,000. 50.08% of the stock is currently owned by institutional investors and hedge funds.

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.