Acadian Asset Management LLC Raises Holdings in Danaos Co. (NYSE:DAC)

Acadian Asset Management LLC boosted its position in Danaos Co. (NYSE:DAC) by 33.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 788,905 shares of the shipping company’s stock after purchasing an additional 197,904 shares during the quarter. Acadian Asset Management LLC owned about 4.06% of Danaos worth $72,823,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. National Bank of Canada FI lifted its position in Danaos by 7.5% during the second quarter. National Bank of Canada FI now owns 3,689 shares of the shipping company’s stock valued at $339,000 after buying an additional 257 shares in the last quarter. Privium Fund Management UK Ltd acquired a new position in shares of Danaos in the 2nd quarter worth approximately $201,000. Fiera Capital Corp increased its stake in Danaos by 7.0% during the second quarter. Fiera Capital Corp now owns 17,468 shares of the shipping company’s stock valued at $1,613,000 after purchasing an additional 1,146 shares during the last quarter. nVerses Capital LLC acquired a new stake in Danaos during the second quarter worth about $37,000. Finally, Signaturefd LLC lifted its holdings in shares of Danaos by 21.4% in the 2nd quarter. Signaturefd LLC now owns 692 shares of the shipping company’s stock worth $64,000 after purchasing an additional 122 shares during the last quarter. Institutional investors and hedge funds own 19.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group increased their price target on Danaos from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, May 28th.

Danaos Stock Performance

Shares of Danaos stock opened at $77.07 on Friday. The company has a quick ratio of 4.04, a current ratio of 4.18 and a debt-to-equity ratio of 0.17. Danaos Co. has a 12 month low of $62.37 and a 12 month high of $98.25. The business has a fifty day simple moving average of $84.34 and a 200-day simple moving average of $81.51. The stock has a market cap of $1.50 billion, a PE ratio of 2.62 and a beta of 1.47.

Danaos (NYSE:DAC) last posted its quarterly earnings results on Monday, August 5th. The shipping company reported $6.78 earnings per share for the quarter, missing analysts’ consensus estimates of $7.04 by ($0.26). Danaos had a return on equity of 17.88% and a net margin of 58.15%. The firm had revenue of $246.31 million for the quarter, compared to analysts’ expectations of $238.83 million. During the same period last year, the business earned $7.14 earnings per share. On average, sell-side analysts anticipate that Danaos Co. will post 28.43 EPS for the current fiscal year.

Danaos Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Tuesday, August 20th were given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend was Tuesday, August 20th. Danaos’s payout ratio is 10.86%.

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.