Global Ship Lease (NYSE:GSL) Stock Rating Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Global Ship Lease (NYSE:GSL) from a hold rating to a buy rating in a report issued on Saturday morning,Wall Street Zen reports.

GSL has been the subject of a number of other reports. B. Riley Financial lifted their target price on Global Ship Lease from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Jefferies Financial Group increased their price target on Global Ship Lease from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Zacks Research upgraded Global Ship Lease from a “strong sell” rating to a “hold” rating in a research note on Monday, July 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Global Ship Lease in a report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $51.00.

Global Ship Lease Trading Down 0.8%

Shares of NYSE:GSL traded down $0.36 on Friday, hitting $43.01. 161,603 shares of the company’s stock were exchanged, compared to its average volume of 275,265. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 4.07 and a beta of 1.03. Global Ship Lease has a 12 month low of $32.74 and a 12 month high of $46.57. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.61 and a quick ratio of 2.06. The business’s 50 day simple moving average is $43.47 and its two-hundred day simple moving average is $40.75.

Global Ship Lease (NYSE:GSL) last posted its quarterly earnings results on Monday, November 9th. The shipping company reported $2.75 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.29. The firm had revenue of $201.36 million for the quarter, compared to analysts’ expectations of $189.00 million. Global Ship Lease had a net margin of 49.38% and a return on equity of 19.40%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.62 earnings per share. Analysts anticipate that Global Ship Lease will post 10.16 EPS for the current fiscal year.

Global Ship Lease Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be paid a dividend of $0.6875 per share. This represents a $2.75 dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date is Friday, November 20th. This is an increase from Global Ship Lease’s previous quarterly dividend of $0.6250. Global Ship Lease’s dividend payout ratio (DPR) is 23.67%.

Insider Activity

In other news, CEO Thomas Lister sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $44.26, for a total value of $1,327,800.00. Following the completion of the sale, the chief executive officer directly owned 15,934 shares in the company, valued at $705,238.84. The trade was a 65.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Anastasios Psaropoulos sold 48,330 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $45.02, for a total value of $2,175,816.60. Following the completion of the sale, the chief financial officer owned 68,698 shares of the company’s stock, valued at $3,092,783.96. This trade represents a 41.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 91,692 shares of company stock valued at $4,104,852. 7.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio purchased a new stake in shares of Global Ship Lease during the second quarter worth $4,210,000. Sei Investments Co. boosted its holdings in shares of Global Ship Lease by 51.8% during the 1st quarter. Sei Investments Co. now owns 200,806 shares of the shipping company’s stock worth $7,476,000 after purchasing an additional 68,535 shares during the last quarter. Point Nemo Capital LLC grew its position in shares of Global Ship Lease by 6,577.5% in the third quarter. Point Nemo Capital LLC now owns 32,386 shares of the shipping company’s stock valued at $1,430,000 after purchasing an additional 31,901 shares in the last quarter. Donald Smith & CO. Inc. purchased a new stake in shares of Global Ship Lease in the second quarter valued at approximately $27,859,000. Finally, First Trust Advisors LP purchased a new position in Global Ship Lease during the first quarter worth approximately $12,681,000. 50.08% of the stock is owned by hedge funds and other institutional investors.

About Global Ship Lease

Global Ship Lease is a containership owner that leases vessels to container shipping companies under charter agreements. Its fleet includes ships of various sizes, serving the needs of operators on international trade routes. Founded in 2007, the company became publicly listed in 2008 and expanded its business through acquisitions, including its 2018 acquisition of Poseidon Containers. Global Ship Lease’s vessels operate worldwide through the shipping companies that charter them.