MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Invests $13.30 Million in Global Ship Lease, Inc. $GSL

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. invested approximately $13.30 million in Global Ship Lease, acquiring 582,240 shares, which represents about 1.64% of the company.
• Several large institutional investors, including Quarry LP and Walleye Capital LLC, significantly increased their stakes in Global Ship Lease during the first quarter.
• Global Ship Lease recently announced a quarterly dividend of $0.525 per share, representing a 6.6% yield based on an annualized payout of $2.10.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Global Ship Lease, Inc. (NYSE:GSL - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 582,240 shares of the shipping company's stock, valued at approximately $13,304,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 1.64% of Global Ship Lease as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Global Ship Lease by 351.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 75,644 shares of the shipping company's stock worth $1,728,000 after purchasing an additional 58,872 shares during the last quarter. Crescent Grove Advisors LLC increased its position in Global Ship Lease by 137.1% in the 1st quarter. Crescent Grove Advisors LLC now owns 70,617 shares of the shipping company's stock valued at $1,614,000 after acquiring an additional 40,828 shares during the period. Exchange Traded Concepts LLC acquired a new stake in Global Ship Lease in the 1st quarter valued at approximately $244,000. Hsbc Holdings PLC acquired a new stake in Global Ship Lease in the 1st quarter valued at approximately $279,000. Finally, Janney Montgomery Scott LLC increased its position in Global Ship Lease by 3.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 91,710 shares of the shipping company's stock valued at $2,096,000 after acquiring an additional 2,983 shares during the period. Institutional investors own 50.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on GSL shares. Jefferies Financial Group restated a "buy" rating and issued a $33.00 target price 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 research report on Saturday, August 9th. Finally, Clarkson Capital cut Global Ship Lease from a "strong-buy" rating to a "hold" rating and set a $28.00 target price on the stock. in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Global Ship Lease has a consensus rating of "Moderate Buy" and a consensus target price of $30.50.

Global Ship Lease Stock Performance

Shares of GSL stock remained flat at $31.96 during mid-day trading on Friday. The stock had a trading volume of 429,211 shares, compared to its average volume of 306,597. Global Ship Lease, Inc. has a one year low of $17.73 and a one year high of $32.45. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of 2.97 and a beta of 1.12. The stock's fifty day simple moving average is $29.48 and its 200-day simple moving average is $25.49. 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 issued its quarterly earnings results on Tuesday, August 5th. The shipping company reported $2.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.52. Global Ship Lease had a return on equity of 24.81% and a net margin of 53.09%.The company had revenue of $191.86 million for the quarter, compared to analysts' expectations of $177.98 million. Analysts forecast 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 disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 24th will be paid a dividend of $0.5469 per share. This is a positive change from Global Ship Lease's previous quarterly dividend of $0.53. This represents a $2.19 annualized dividend and a dividend yield of 6.8%. Global Ship Lease's dividend payout ratio (DPR) is currently 19.50%.

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.