Renaissance Technologies LLC Buys 275,500 Shares of Global Ship Lease, Inc. (NYSE:GSL)

Renaissance Technologies LLC grew its stake in shares of Global Ship Lease, Inc. (NYSE:GSL) by 97.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 557,050 shares of the shipping company’s stock after buying an additional 275,500 shares during the quarter. Renaissance Technologies LLC owned approximately 1.58% of Global Ship Lease worth $16,037,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Signaturefd LLC grew its stake in shares of Global Ship Lease by 23.3% in the second quarter. Signaturefd LLC now owns 2,526 shares of the shipping company’s stock worth $73,000 after purchasing an additional 477 shares during the last quarter. Mather Group LLC. bought a new stake in shares of Global Ship Lease in the second quarter worth $88,000. Blue Trust Inc. grew its stake in shares of Global Ship Lease by 2,642.1% in the second quarter. Blue Trust Inc. now owns 3,126 shares of the shipping company’s stock worth $90,000 after purchasing an additional 3,012 shares during the last quarter. nVerses Capital LLC grew its stake in shares of Global Ship Lease by 355.6% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the shipping company’s stock worth $118,000 after purchasing an additional 3,200 shares during the last quarter. Finally, Clear Street Markets LLC bought a new stake in shares of Global Ship Lease in the fourth quarter worth $172,000. Institutional investors own 50.08% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Clarkson Capital raised shares of Global Ship Lease from a “neutral” rating to a “buy” rating in a research note on Thursday, August 8th. StockNews.com upgraded shares of Global Ship Lease from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 11th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $29.00 target price on shares of Global Ship Lease in a report on Monday, August 5th.

Global Ship Lease Price Performance

GSL stock opened at $24.38 on Friday. The firm has a market cap of $857.88 million, a price-to-earnings ratio of 2.75 and a beta of 1.60. The company has a quick ratio of 1.36, a current ratio of 1.42 and a debt-to-equity ratio of 0.40. Global Ship Lease, Inc. has a 12-month low of $16.80 and a 12-month high of $30.32. The company’s fifty day simple moving average is $25.30 and its 200 day simple moving average is $24.87.

Global Ship Lease (NYSE:GSL) last announced its quarterly earnings data on Monday, August 5th. The shipping company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.27 by $0.19. Global Ship Lease had a net margin of 46.90% and a return on equity of 28.92%. The firm had revenue of $175.00 million for the quarter, compared to analyst estimates of $172.07 million. During the same quarter in the prior year, the business earned $2.09 earnings per share. On average, analysts expect that Global Ship Lease, Inc. will post 9.9 earnings per share for the current year.

Global Ship Lease Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Friday, August 23rd were issued a dividend of $0.45 per share. The ex-dividend date was Friday, August 23rd. This represents a $1.80 annualized dividend and a dividend yield of 7.38%. This is a positive change from Global Ship Lease’s previous quarterly dividend of $0.38. Global Ship Lease’s dividend payout ratio is currently 16.95%.

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.