Danaos (NYSE:DAC) Hits New 52-Week Low – Time to Sell?

Danaos Co. (NYSE:DAC)’s share price hit a new 52-week low on Friday . The stock traded as low as $68.51 and last traded at $69.45, with a volume of 25587 shares trading hands. The stock had previously closed at $73.57.

Analyst Ratings Changes

DAC has been the topic of a number of recent analyst reports. StockNews.com upgraded Danaos from a “hold” rating to a “buy” rating in a research report on Monday, March 10th. Jefferies Financial Group reiterated a “buy” rating and set a $105.00 target price on shares of Danaos in a research report on Tuesday, February 11th.

Danaos Stock Performance

The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 2.67 and a beta of 1.32. The firm’s 50-day moving average is $80.25 and its two-hundred day moving average is $81.25.

Danaos (NYSE:DAC) last announced its earnings results 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 net margin of 49.81% and a return on equity of 16.03%. As a group, sell-side analysts expect that Danaos Co. will post 29.21 earnings per share for the current year.

Danaos Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were paid a dividend of $0.85 per share. The ex-dividend date was Monday, February 24th. This represents a $3.40 annualized dividend and a yield of 4.92%. Danaos’s dividend payout ratio (DPR) is presently 13.12%.

Hedge Funds Weigh In On Danaos

Several hedge funds and other institutional investors have recently modified their holdings of DAC. Ion Asset Management Ltd. grew its stake in Danaos by 47.8% during the 4th quarter. Ion Asset Management Ltd. now owns 566,050 shares of the shipping company’s stock valued at $45,324,000 after acquiring an additional 183,050 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings 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 valued at $25,205,000 after purchasing an additional 48,155 shares during the last quarter. No Street GP LP lifted its position in Danaos by 11.1% during the fourth quarter. No Street GP LP now owns 250,000 shares of the shipping company’s stock worth $20,018,000 after buying an additional 25,000 shares in the last quarter. Voloridge Investment Management LLC boosted its stake in Danaos by 20.4% during the fourth quarter. Voloridge Investment Management LLC now owns 103,937 shares of the shipping company’s stock worth $8,322,000 after buying an additional 17,643 shares during the last quarter. Finally, TrueMark Investments LLC grew its holdings in Danaos by 252.9% in the 4th quarter. TrueMark Investments LLC now owns 65,485 shares of the shipping company’s stock valued at $5,243,000 after buying an additional 46,930 shares in the last quarter. 19.01% of the stock is owned by hedge funds and other institutional investors.

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.