Danaos (NYSE:DAC) Trading Up 6.2% – Here’s Why

Danaos Co. (NYSE:DAC) shares rose 6.2% during trading on Friday . The stock traded as high as $72.44 and last traded at $73.20. Approximately 10,788 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 109,301 shares. The stock had previously closed at $68.92.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on DAC. Jefferies Financial Group restated a “buy” rating and set a $105.00 target price on shares of Danaos in a research note on Tuesday, February 11th. StockNews.com upgraded Danaos from a “hold” rating to a “buy” rating in a research note on Monday, March 10th.

Danaos Trading Up 7.0 %

The business’s 50 day simple moving average is $78.99 and its 200-day simple moving average is $80.64. The stock has a market capitalization of $1.40 billion, a P/E ratio of 2.85 and a beta of 1.32. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.93 and a quick ratio of 3.78.

Danaos (NYSE:DAC) last issued its quarterly earnings data on Monday, February 10th. The shipping company reported $6.50 EPS for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.02). Danaos had a return on equity of 16.03% and a net margin of 49.81%. As a group, analysts forecast that Danaos Co. will post 29.21 EPS for the current year.

Danaos Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 4.61%. The ex-dividend date was Monday, February 24th. Danaos’s dividend payout ratio is 13.12%.

Hedge Funds Weigh In On Danaos

A number of large investors have recently made changes to their positions in DAC. Ion Asset Management Ltd. lifted its position in shares of Danaos by 47.8% during the 4th quarter. Ion Asset Management Ltd. now owns 566,050 shares of the shipping company’s stock worth $45,324,000 after buying an additional 183,050 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Danaos by 18.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 314,787 shares of the shipping company’s stock worth $25,205,000 after acquiring an additional 48,155 shares during the period. TrueMark Investments LLC lifted its stake in shares of Danaos by 252.9% in the fourth quarter. TrueMark Investments LLC now owns 65,485 shares of the shipping company’s stock worth $5,243,000 after acquiring an additional 46,930 shares during the period. Bastion Asset Management Inc. bought a new stake in shares of Danaos in the 4th quarter valued at $3,736,000. Finally, No Street GP LP grew its holdings in Danaos by 11.1% during the 4th quarter. No Street GP LP now owns 250,000 shares of the shipping company’s stock worth $20,018,000 after acquiring an additional 25,000 shares during the period. Institutional investors own 19.01% of the company’s stock.

About Danaos

Danaos Corporation, together with its subsidiaries, provides container and drybulk vessels services in Australia, Asia, and Europe. The company offers seaborne transportation services by operating vessels in the containership and drybulk sectors of the shipping industry. As of April 03, 2024, it had a fleet of 68 containerships aggregating 421,293 twenty-foot equivalent units in capacity.