Danaos (NYSE:DAC) Lowered to “Hold” Rating by StockNews.com

Danaos (NYSE:DAC) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Wednesday.

Separately, Jefferies Financial Group reiterated a “buy” rating and issued a $105.00 price objective on shares of Danaos in a report on Tuesday, February 11th.

Danaos Price Performance

Shares of NYSE DAC opened at $88.77 on Wednesday. The stock’s 50-day moving average is $78.46 and its two-hundred day moving average is $79.88. 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 has a 1-year low of $65.40 and a 1-year high of $98.25. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 3.43 and a beta of 1.34.

Danaos (NYSE:DAC) last released its quarterly earnings data on Tuesday, May 13th. The shipping company reported $6.04 EPS for the quarter, missing analysts’ consensus estimates of $6.33 by ($0.29). Danaos had a net margin of 49.81% and a return on equity of 16.03%. The business had revenue of $253.31 million during the quarter, compared to analysts’ expectations of $242.00 million. During the same quarter in the previous year, the company posted $7.15 EPS. Analysts forecast that Danaos will post 29.21 EPS for the current fiscal year.

Danaos declared that its board has approved a share repurchase plan on Monday, April 14th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the shipping company to reacquire up to 6.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Danaos

A number of large investors have recently made changes to their positions in DAC. Redhawk Wealth Advisors Inc. boosted its position in shares of Danaos by 5.5% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 9,258 shares of the shipping company’s stock valued at $741,000 after purchasing an additional 485 shares during the period. Ballentine Partners LLC boosted its position in shares of Danaos by 18.1% in the 4th quarter. Ballentine Partners LLC now owns 3,053 shares of the shipping company’s stock valued at $244,000 after purchasing an additional 467 shares during the period. Avior Wealth Management LLC boosted its position in shares of Danaos by 24.1% in the 4th quarter. Avior Wealth Management LLC now owns 2,321 shares of the shipping company’s stock valued at $186,000 after purchasing an additional 451 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Danaos by 37.7% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company’s stock valued at $117,000 after purchasing an additional 400 shares during the period. Finally, DGS Capital Management LLC boosted its position in shares of Danaos by 71.6% in the 4th quarter. DGS Capital Management LLC now owns 23,945 shares of the shipping company’s stock valued at $1,917,000 after purchasing an additional 9,994 shares during the period. 19.01% of the stock is owned by institutional investors and hedge funds.

Danaos Company Profile

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.