Harbor Capital Advisors Inc. Buys 9,978 Shares of Global Ship Lease, Inc. $GSL

Key Points

• Harbor Capital Advisors Inc. has increased its stake in Global Ship Lease, Inc. by 1.9%, owning 536,747 shares valued at approximately $14.12 million as of the last quarter.
• Global Ship Lease recently posted earnings of $2.67 EPS, exceeding analysts' expectations, alongside a revenue of $191.86 million for the quarter.
• The company announced a quarterly dividend of $0.5469 per share, marking an increase from the previous dividend and representing a yield of 6.7% annually.

Harbor Capital Advisors Inc. grew its position in Global Ship Lease, Inc. (NYSE:GSL - Free Report) by 1.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 536,747 shares of the shipping company's stock after purchasing an additional 9,978 shares during the quarter. Global Ship Lease makes up about 0.6% of Harbor Capital Advisors Inc.'s investment portfolio, making the stock its 26th largest holding. Harbor Capital Advisors Inc. owned approximately 1.51% of Global Ship Lease worth $14,122,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Donald Smith & CO. Inc. boosted its stake in Global Ship Lease by 2.6% in the 1st quarter. Donald Smith & CO. Inc. now owns 3,220,085 shares of the shipping company's stock worth $73,579,000 after purchasing an additional 80,615 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Global Ship Lease in the first quarter valued at approximately $13,304,000. Foundry Partners LLC grew its position in shares of Global Ship Lease by 1.5% during the first quarter. Foundry Partners LLC now owns 511,215 shares of the shipping company's stock worth $11,681,000 after acquiring an additional 7,470 shares during the last quarter. Whitefort Capital Management LP lifted its holdings in shares of Global Ship Lease by 0.8% during the fourth quarter. Whitefort Capital Management LP now owns 369,768 shares of the shipping company's stock worth $8,072,000 after purchasing an additional 2,997 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of Global Ship Lease by 182.9% during the 1st quarter. SG Americas Securities LLC now owns 180,858 shares of the shipping company's stock worth $4,133,000 after buying an additional 116,917 shares during the last quarter. Hedge funds and other institutional investors own 50.08% of the company's stock.

Global Ship Lease Stock Performance

Shares of GSL stock traded down $1.17 during trading on Friday, hitting $31.89. The company's stock had a trading volume of 563,214 shares, compared to its average volume of 290,123. The company has a market cap of $1.13 billion, a PE ratio of 2.96 and a beta of 1.12. The business has a fifty day moving average of $29.98 and a 200-day moving average of $25.81. Global Ship Lease, Inc. has a 52 week low of $17.73 and a 52 week high of $33.08. The company has a current ratio of 2.01, a quick ratio of 1.94 and a debt-to-equity ratio of 0.37.

Global Ship Lease (NYSE:GSL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The shipping company reported $2.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.52. The firm had revenue of $191.86 million for the quarter, compared to analysts' expectations of $177.98 million. Global Ship Lease had a return on equity of 24.81% and a net margin of 53.09%. As a group, research analysts anticipate that Global Ship Lease, Inc. will post 9.74 earnings per share for the current year.

Global Ship Lease Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 24th will be paid a $0.5469 dividend. This is an increase from Global Ship Lease's previous quarterly dividend of $0.53. This represents a $2.19 dividend on an annualized basis and a yield of 6.9%. Global Ship Lease's dividend payout ratio is currently 19.50%.

Wall Street Analysts Forecast Growth

GSL has been the topic of several recent research reports. Jefferies Financial Group reissued a "buy" rating and set a $33.00 price target on shares of Global Ship Lease in a research report on Tuesday, August 5th. Wall Street Zen upgraded Global Ship Lease from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $30.50.

Global Ship Lease 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.