Global Ship Lease (NYSE:GSL) Stock Price Down 6.1% – Here’s What Happened

Shares of Global Ship Lease, Inc. (NYSE:GSL) were down 6.1% on Friday . The company traded as low as $38.00 and last traded at $38.4290. Approximately 136,640 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 346,916 shares. The stock had previously closed at $40.94.

Analyst Ratings Changes

A number of research analysts have recently weighed in on GSL shares. Jefferies Financial Group began coverage on Global Ship Lease in a report on Friday, April 24th. They issued a “buy” rating and a $45.00 target price on the stock. Fearnley Fonds upgraded Global Ship Lease from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Global Ship Lease in a report on Tuesday, April 21st. Wall Street Zen lowered Global Ship Lease from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Finally, Zacks Research upgraded Global Ship Lease from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $46.50.

Global Ship Lease Stock Down 6.3%

The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.30. The stock has a 50-day simple moving average of $39.13 and a 200-day simple moving average of $37.13. The firm has a market capitalization of $1.38 billion, a PE ratio of 3.37 and a beta of 0.96.

Global Ship Lease (NYSE:GSL) last issued its quarterly earnings results on Friday, May 22nd. The shipping company reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.16. Global Ship Lease had a return on equity of 22.35% and a net margin of 54.33%.The firm had revenue of $198.08 million during the quarter, compared to analyst estimates of $182.87 million. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. Analysts forecast that Global Ship Lease, Inc. will post 9.68 EPS for the current year.

Global Ship Lease Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Friday, May 22nd will be paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a yield of 6.5%. The ex-dividend date of this dividend is Friday, May 22nd. Global Ship Lease’s payout ratio is 21.95%.

Insider Buying and Selling

In other Global Ship Lease news, insider Georgios Giannopoulos sold 7,692 shares of Global Ship Lease stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $38.51, for a total value of $296,218.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 7.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Global Ship Lease

Large investors have recently bought and sold shares of the stock. ARGA Investment Management LP increased its stake in Global Ship Lease by 192.2% in the 3rd quarter. ARGA Investment Management LP now owns 53,602 shares of the shipping company’s stock worth $1,646,000 after purchasing an additional 35,258 shares during the period. SG Americas Securities LLC increased its stake in Global Ship Lease by 100.1% in the 4th quarter. SG Americas Securities LLC now owns 56,817 shares of the shipping company’s stock worth $1,991,000 after purchasing an additional 28,425 shares during the period. State of New Jersey Common Pension Fund D purchased a new position in Global Ship Lease in the 3rd quarter worth approximately $456,000. JPMorgan Chase & Co. increased its stake in Global Ship Lease by 9.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 168,327 shares of the shipping company’s stock worth $5,168,000 after purchasing an additional 14,424 shares during the period. Finally, GSA Capital Partners LLP raised its position in Global Ship Lease by 39.7% during the 4th quarter. GSA Capital Partners LLP now owns 50,016 shares of the shipping company’s stock valued at $1,753,000 after purchasing an additional 14,214 shares during the last quarter. 50.08% of the stock is owned by hedge funds and other institutional investors.

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.