Danaos (NYSE:DAC) Earns “Buy” Rating from Jefferies Financial Group

Jefferies Financial Group reaffirmed their buy rating on shares of Danaos (NYSE:DAC) in a research report released on Tuesday morning,Benzinga reports. They currently have a $105.00 price target on the shipping company’s stock.

Danaos Price Performance

DAC stock traded down $0.89 during mid-day trading on Tuesday, hitting $85.02. The stock had a trading volume of 23,039 shares, compared to its average volume of 106,615. The company has a current ratio of 3.93, a quick ratio of 4.04 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $1.65 billion, a P/E ratio of 2.97 and a beta of 1.47. Danaos has a 52 week low of $66.45 and a 52 week high of $98.25. The firm has a fifty day simple moving average of $82.85 and a 200 day simple moving average of $85.13.

Danaos (NYSE:DAC) last posted its quarterly earnings results on Tuesday, November 12th. The shipping company reported $6.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.86 by ($0.36). The business had revenue of $256.18 million during the quarter, compared to analyst estimates of $251.16 million. Danaos had a net margin of 56.16% and a return on equity of 16.68%. During the same period in the previous year, the business posted $7.26 EPS. As a group, research analysts forecast that Danaos will post 27.56 EPS for the current year.

Danaos Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Monday, November 25th will be paid a $0.85 dividend. The ex-dividend date is Monday, November 25th. This represents a $3.40 annualized dividend and a yield of 4.00%. This is a positive change from Danaos’s previous quarterly dividend of $0.80. Danaos’s dividend payout ratio is currently 11.07%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its position in shares of Danaos by 32.5% during the first quarter. Russell Investments Group Ltd. now owns 38,758 shares of the shipping company’s stock valued at $2,819,000 after buying an additional 9,506 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Danaos by 41.3% during the 1st quarter. Acadian Asset Management LLC now owns 591,001 shares of the shipping company’s stock valued at $42,647,000 after buying an additional 172,832 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Danaos by 88.4% during the 1st quarter. BNP Paribas Financial Markets now owns 18,961 shares of the shipping company’s stock worth $1,369,000 after acquiring an additional 8,897 shares during the last quarter. Gordian Capital Singapore Pte Ltd raised its holdings in shares of Danaos by 17,600,000.0% in the second quarter. Gordian Capital Singapore Pte Ltd now owns 176,001 shares of the shipping company’s stock valued at $16,255,000 after acquiring an additional 176,000 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its stake in Danaos by 55.7% in the first quarter. O Shaughnessy Asset Management LLC now owns 24,694 shares of the shipping company’s stock valued at $1,783,000 after buying an additional 8,839 shares during the last quarter. 19.01% of the stock is owned by hedge funds and other institutional investors.

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.