Global Ship Lease (NYSE:GSL) Raised to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Global Ship Lease (NYSE:GSL) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports. The brokerage currently has $26.00 price objective on the shipping company’s stock.

According to Zacks, “GLOBAL SHIP LEASE is a rapidly growing containership charter owner. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under long-term, fixed rate charters to world class container liner companies. “

Other research analysts also recently issued research reports about the stock. Jefferies Financial Group upped their price target on shares of Global Ship Lease from $26.00 to $32.00 and gave the stock a buy rating in a research report on Wednesday, November 10th. B. Riley increased their price objective on shares of Global Ship Lease from $28.00 to $33.00 and gave the company a buy rating in a report on Thursday, November 11th. Three analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Global Ship Lease presently has an average rating of Buy and an average target price of $28.50.

GSL stock opened at $24.49 on Wednesday. Global Ship Lease has a 52-week low of $11.30 and a 52-week high of $26.51. The company has a quick ratio of 0.70, a current ratio of 0.74 and a debt-to-equity ratio of 1.42. The company’s 50-day simple moving average is $22.85 and its 200-day simple moving average is $21.47. The firm has a market cap of $888.50 million, a P/E ratio of 8.06 and a beta of 1.79.

Global Ship Lease (NYSE:GSL) last released its quarterly earnings results on Wednesday, November 10th. The shipping company reported $1.74 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.79. Global Ship Lease had a net margin of 31.56% and a return on equity of 21.34%. The firm had revenue of $138.57 million during the quarter, compared to the consensus estimate of $100.04 million. During the same quarter in the prior year, the firm earned $0.44 EPS. On average, analysts anticipate that Global Ship Lease will post 3.82 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, December 2nd. Stockholders of record on Monday, November 22nd were paid a $0.25 dividend. The ex-dividend date was Friday, November 19th. This represents a $1.00 annualized dividend and a dividend yield of 4.08%. Global Ship Lease’s dividend payout ratio (DPR) is 32.89%.

Several institutional investors have recently bought and sold shares of GSL. Morgan Stanley grew its stake in shares of Global Ship Lease by 479.2% in the 1st quarter. Morgan Stanley now owns 5,804 shares of the shipping company’s stock valued at $82,000 after buying an additional 4,802 shares during the period. Advisor Group Holdings Inc. grew its stake in shares of Global Ship Lease by 1,055.9% in the 2nd quarter. Advisor Group Holdings Inc. now owns 13,316 shares of the shipping company’s stock valued at $261,000 after buying an additional 12,164 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Global Ship Lease in the 2nd quarter valued at approximately $772,000. Citigroup Inc. purchased a new position in shares of Global Ship Lease during the 2nd quarter worth approximately $78,000. Finally, Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Global Ship Lease during the 2nd quarter worth approximately $10,845,000. 63.95% of the stock is owned by institutional investors and hedge funds.

Global Ship Lease Company Profile

Global Ship Lease, Inc is a holding company, which owns and charters out containerships under long-term and fixed rate charters to container shipping companies. It also focuses on the operation and technical management of each vessel, such as crewing, provision of lubricating oils, maintaining the vessel, periodic dry docking, and performing work required by regulations.

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