Global Ship Lease (NYSE:GSL) Shares Gap Up on Analyst Upgrade

Global Ship Lease, Inc. (NYSE:GSL) shares gapped up before the market opened on Wednesday after Jefferies Financial Group raised their price target on the stock from $21.00 to $24.00. The stock had previously closed at $17.02, but opened at $18.84. Jefferies Financial Group currently has a buy rating on the stock. Global Ship Lease shares last traded at $19.31, with a volume of 5,757 shares changing hands.

Several other research analysts have also commented on the company. Zacks Investment Research raised Global Ship Lease from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a report on Wednesday, May 12th. B. Riley boosted their price objective on Global Ship Lease from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, May 11th.

Hedge funds and other institutional investors have recently modified their holdings of the company. Foundry Partners LLC grew its holdings in shares of Global Ship Lease by 4.4% during the fourth quarter. Foundry Partners LLC now owns 260,852 shares of the shipping company’s stock worth $3,102,000 after purchasing an additional 11,055 shares in the last quarter. Creative Planning purchased a new stake in Global Ship Lease in the first quarter worth approximately $141,000. CHURCHILL MANAGEMENT Corp purchased a new stake in Global Ship Lease in the first quarter worth approximately $1,766,000. Ahrens Investment Partners LLC boosted its stake in Global Ship Lease by 10.2% in the first quarter. Ahrens Investment Partners LLC now owns 58,600 shares of the shipping company’s stock worth $826,000 after buying an additional 5,400 shares in the last quarter. Finally, AE Wealth Management LLC purchased a new stake in Global Ship Lease in the first quarter worth approximately $262,000. 24.41% of the stock is owned by institutional investors.

The stock has a market capitalization of $697.72 million, a price-to-earnings ratio of 14.46 and a beta of 2.18. The stock has a 50 day moving average of $15.15. The company has a current ratio of 1.69, a quick ratio of 1.63 and a debt-to-equity ratio of 1.25.

Global Ship Lease (NYSE:GSL) last issued its earnings results on Wednesday, May 12th. The shipping company reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.06. The business had revenue of $72.98 million during the quarter, compared to analyst estimates of $70.77 million. Global Ship Lease had a return on equity of 12.97% and a net margin of 16.05%. On average, equities analysts anticipate that Global Ship Lease, Inc. will post 2.62 EPS for the current fiscal year.

The company also recently announced a — dividend, which was paid on Thursday, June 3rd. Shareholders of record on Monday, May 24th were paid a $0.25 dividend. This represents a yield of 6.18%. The ex-dividend date was Friday, May 21st. Global Ship Lease’s dividend payout ratio is currently 53.48%.

About Global Ship Lease (NYSE:GSL)

Global Ship Lease, Inc owns and charters containerships of various sizes under fixed-rate charters to container shipping companies. As of March 10, 2021, it owned 43 mid-sized and smaller containerships with an aggregate capacity of 245,280 twenty-foot equivalent units. The company is based in London, the United Kingdom.

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