Kingstone Capital Partners Texas LLC bought a new position in shares of Global Ship Lease, Inc. (NYSE:GSL - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,610,414 shares of the shipping company's stock, valued at approximately $68,680,000. Kingstone Capital Partners Texas LLC owned about 7.36% of Global Ship Lease as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of the business. Parallel Advisors LLC grew its position in Global Ship Lease by 6.7% in the 2nd quarter. Parallel Advisors LLC now owns 9,342 shares of the shipping company's stock worth $246,000 after purchasing an additional 584 shares in the last quarter. SBI Securities Co. Ltd. grew its position in Global Ship Lease by 41.9% in the 1st quarter. SBI Securities Co. Ltd. now owns 2,430 shares of the shipping company's stock worth $56,000 after purchasing an additional 717 shares in the last quarter. Isthmus Partners LLC grew its position in Global Ship Lease by 0.7% in the 1st quarter. Isthmus Partners LLC now owns 113,625 shares of the shipping company's stock worth $2,596,000 after purchasing an additional 793 shares in the last quarter. SVB Wealth LLC bought a new stake in Global Ship Lease in the 1st quarter worth about $33,000. Finally, Vident Advisory LLC grew its position in Global Ship Lease by 3.9% in the 1st quarter. Vident Advisory LLC now owns 44,162 shares of the shipping company's stock worth $1,009,000 after purchasing an additional 1,640 shares in the last quarter. Institutional investors and hedge funds own 50.08% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on the stock. Jefferies Financial Group reissued a "buy" rating and set a $33.00 target price on shares of Global Ship Lease in a research report on Tuesday, August 5th. Wall Street Zen upgraded shares of Global Ship Lease from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $30.50.
Check Out Our Latest Stock Analysis on GSL
Global Ship Lease Price Performance
Shares of GSL traded up $0.14 during mid-day trading on Tuesday, reaching $32.27. The stock had a trading volume of 110,067 shares, compared to its average volume of 373,170. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 3.00 and a beta of 1.12. Global Ship Lease, Inc. has a 12 month low of $17.73 and a 12 month high of $33.08. The business has a fifty day moving average of $30.07 and a 200 day moving average of $25.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.94 and a current ratio of 2.01.
Global Ship Lease (NYSE:GSL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The shipping company reported $2.67 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Equities analysts predict that Global Ship Lease, Inc. will post 9.74 EPS for the current year.
Global Ship Lease Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 24th will be given a dividend of $0.5469 per share. This represents a $2.19 annualized dividend and a dividend yield of 6.8%. This is an increase from Global Ship Lease's previous quarterly dividend of $0.53. Global Ship Lease's dividend payout ratio (DPR) is 19.50%.
About Global Ship Lease
(
Free Report)
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.
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