Global Ship Lease (NYSE:GSL) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of Global Ship Lease (NYSE:GSL) from a hold rating to a strong sell rating in a research report released on Thursday morning,Zacks.com reports.

Several other brokerages have also commented on GSL. Wall Street Zen lowered shares of Global Ship Lease from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. B. Riley Financial upped their price target on shares of Global Ship Lease from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Global Ship Lease in a research note on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Global Ship Lease has a consensus rating of “Hold” and an average target price of $38.33.

Global Ship Lease Trading Down 2.4%

Shares of NYSE:GSL opened at $37.80 on Thursday. The business’s 50-day moving average is $37.85 and its 200 day moving average is $34.41. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.04 and a quick ratio of 2.00. Global Ship Lease has a 1 year low of $17.73 and a 1 year high of $41.40. The firm has a market capitalization of $1.35 billion, a P/E ratio of 3.32 and a beta of 0.88.

Global Ship Lease (NYSE:GSL) last issued its quarterly earnings results on Friday, March 6th. The shipping company reported $2.32 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.01. Global Ship Lease had a return on equity of 22.35% and a net margin of 54.33%.The business had revenue of $190.95 million during the quarter, compared to the consensus estimate of $188.39 million. The business’s quarterly revenue was up 4.7% on a year-over-year basis. On average, research analysts predict that Global Ship Lease will post 9.74 earnings per share for the current fiscal year.

Global Ship Lease Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Tuesday, February 24th were issued a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 6.6%. The ex-dividend date of this dividend was Tuesday, February 24th. Global Ship Lease’s payout ratio is 21.95%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GSL. Triumph Capital Management acquired a new position in Global Ship Lease in the third quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Global Ship Lease during the 4th quarter worth approximately $29,000. EverSource Wealth Advisors LLC increased its holdings in shares of Global Ship Lease by 77.2% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 989 shares of the shipping company’s stock valued at $30,000 after purchasing an additional 431 shares in the last quarter. Hilton Head Capital Partners LLC acquired a new position in shares of Global Ship Lease in the 4th quarter valued at $35,000. Finally, SHP Wealth Management acquired a new position in shares of Global Ship Lease in the 4th quarter valued at $35,000. 50.08% of the stock is currently owned by hedge funds and other institutional investors.

About Global Ship Lease

Global Ship Lease (NYSE: GSL) is a Bermuda-based containership charter owner focused on acquiring, owning and leasing modern, fuel-efficient vessels to major liner operators. Founded in 2011 and listed on the New York Stock Exchange the same year, the company’s fleet primarily comprises post-Panamax containerships designed to serve the high-volume Asia–Europe and transpacific shipping lanes. By specializing in long-term charter agreements, Global Ship Lease aims to maintain stable revenue streams and minimize spot-market volatility.

The company’s business model centers on negotiating multi-year time charters with leading global shipping lines.