Global Ship Lease (NYSE:GSL) Hits New 52-Week High - Here's What Happened

Key Points

• Global Ship Lease shares reached a new 52-week high of $44.80, up about 1% from the previous close, with the stock trading above both its 50-day and 200-day moving averages.
• Analysts remain broadly positive, with the company carrying an average “Buy” rating and a consensus price target of $51. Jefferies and B. Riley recently raised their targets to $50 and $52, respectively.
• Recent quarterly results exceeded expectations: earnings were $2.48 per share versus a $2.42 estimate, while revenue rose 3.9% year over year to $198.69 million. The company also declared a $0.625 quarterly dividend, equivalent to a 5.6% annualized yield.

Shares of Global Ship Lease, Inc. (NYSE:GSL - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $44.80 and last traded at $44.3580, with a volume of 69306 shares. The stock had previously closed at $43.83.

Analyst Ratings Changes

Several equities research analysts have weighed in on GSL shares. Jefferies Financial Group upped their target price on Global Ship Lease from $45.00 to $50.00 and gave the stock a "buy" rating in a 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. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Global Ship Lease in a report on Friday, July 17th. Fearnley Fonds raised Global Ship Lease from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Finally, B. Riley Financial boosted their target price on shares of Global Ship Lease from $48.00 to $52.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $51.00.

Global Ship Lease Stock Up 1.0%

The firm has a market capitalization of $1.59 billion, a PE ratio of 4.26 and a beta of 0.90. The business has a 50-day moving average price of $40.93 and a 200-day moving average price of $39.53. The company has a quick ratio of 2.06, a current ratio of 2.13 and a debt-to-equity ratio of 0.27.

Global Ship Lease (NYSE:GSL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The shipping company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.06. Global Ship Lease had a return on equity of 19.92% and a net margin of 49.10%.The company had revenue of $198.69 million during the quarter, compared to analyst estimates of $186.85 million. During the same period in the prior year, the business posted $2.67 earnings per share. The firm's revenue for the quarter was up 3.9% compared to the same quarter last year. Equities research analysts forecast that Global Ship Lease, Inc. will post 9.62 earnings per share for the current fiscal year.

Global Ship Lease Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $0.625 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $2.50 annualized dividend and a yield of 5.6%. Global Ship Lease's dividend payout ratio (DPR) is 24.04%.

Institutional Investors Weigh In On Global Ship Lease

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Triumph Capital Management purchased a new position in Global Ship Lease during the 3rd quarter worth $25,000. Northwestern Mutual Wealth Management Co. purchased a new position in Global Ship Lease in the fourth quarter worth $29,000. Hilton Head Capital Partners LLC acquired a new stake in shares of Global Ship Lease in the fourth quarter valued at about $35,000. SHP Wealth Management acquired a new stake in shares of Global Ship Lease during the 4th quarter valued at approximately $35,000. Finally, Strengthening Families & Communities LLC purchased a new stake in Global Ship Lease during the fourth quarter worth $55,000. 50.08% of the stock is currently owned by institutional investors and hedge funds.

About Global Ship Lease

Global Ship Lease NYSE: GSL is a Bermuda-based containership charter owner focused on acquiring, owning and leasing modern, fuel-efficient vessels to major liner operators. Founded in 2011 and listed on the New York Stock Exchange the same year, the company’s fleet primarily comprises post-Panamax containerships designed to serve the high-volume Asia–Europe and transpacific shipping lanes. By specializing in long-term charter agreements, Global Ship Lease aims to maintain stable revenue streams and minimize spot-market volatility.

The company’s business model centers on negotiating multi-year time charters with leading global shipping lines.

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