Global Ship Lease (NYSE:GSL) Cut to Neutral at Clarkson Capital

Clarkson Capital downgraded shares of Global Ship Lease (NYSE:GSL) from a buy rating to a neutral rating in a research note issued to investors on Thursday morning, Marketbeat.com reports. The brokerage currently has $27.00 target price on the shipping company’s stock.

GSL has been the subject of a number of other research reports. Jefferies Financial Group reiterated a “buy” rating and set a $29.00 target price on shares of Global Ship Lease in a research report on Monday, November 11th. StockNews.com downgraded Global Ship Lease from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 25th.

Global Ship Lease Trading Down 0.7 %

NYSE:GSL opened at $23.65 on Thursday. The firm’s 50 day moving average is $24.55 and its 200 day moving average is $25.93. Global Ship Lease has a 12 month low of $17.47 and a 12 month high of $30.32. The stock has a market capitalization of $871.74 million, a PE ratio of 2.62 and a beta of 1.62. The company has a current ratio of 1.64, a quick ratio of 1.36 and a debt-to-equity ratio of 0.38.

Global Ship Lease (NYSE:GSL) last issued its earnings results on Monday, November 11th. The shipping company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.02. The firm had revenue of $174.06 million for the quarter, compared to analyst estimates of $175.83 million. Global Ship Lease had a return on equity of 27.88% and a net margin of 46.38%. During the same period in the previous year, the company posted $2.33 earnings per share. Sell-side analysts expect that Global Ship Lease will post 9.85 earnings per share for the current year.

Global Ship Lease Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Friday, November 22nd will be given a $0.45 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.61%. Global Ship Lease’s dividend payout ratio (DPR) is currently 16.61%.

Hedge Funds Weigh In On Global Ship Lease

Several hedge funds have recently bought and sold shares of GSL. Signaturefd LLC boosted its holdings in Global Ship Lease by 23.3% in the 2nd quarter. Signaturefd LLC now owns 2,526 shares of the shipping company’s stock valued at $73,000 after purchasing an additional 477 shares during the period. Mather Group LLC. bought a new stake in Global Ship Lease during the second quarter valued at $88,000. Blue Trust Inc. boosted its stake in Global Ship Lease by 2,642.1% during the second 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 position in Global Ship Lease by 75.0% during the third quarter. Quarry LP now owns 3,495 shares of the shipping company’s stock worth $93,000 after buying an additional 1,498 shares in the last quarter. Finally, Fairscale Capital LLC bought a new position in Global Ship Lease in the 2nd quarter worth about $107,000. Hedge funds and other institutional investors own 50.08% of the company’s stock.

Global Ship Lease Company Profile

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.