Danaos (NYSE:DAC) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Danaos (NYSE:DAC) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

Separately, Jefferies Financial Group reiterated a “buy” rating and set a $105.00 price target on shares of Danaos in a research note on Tuesday.

Danaos Trading Down 0.7 %

Shares of DAC stock traded down $0.62 on Tuesday, hitting $85.29. 20,440 shares of the stock traded hands, compared to its average volume of 106,595. The firm’s 50-day moving average price is $82.85 and its two-hundred day moving average price is $85.13. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.04 and a current ratio of 3.93. The stock has a market capitalization of $1.66 billion, a PE ratio of 2.97 and a beta of 1.47. Danaos has a twelve month low of $66.45 and a twelve month high of $98.25.

Danaos (NYSE:DAC) last announced its quarterly earnings results on Tuesday, November 12th. The shipping company reported $6.50 earnings per share for the quarter, missing the consensus estimate of $6.86 by ($0.36). The firm had revenue of $256.18 million for 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 firm posted $7.26 EPS. As a group, analysts anticipate that Danaos will post 27.56 EPS for the current year.

Danaos Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Monday, November 25th will be issued a $0.85 dividend. This is an increase from Danaos’s previous quarterly dividend of $0.80. This represents a $3.40 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend is Monday, November 25th. Danaos’s dividend payout ratio is presently 11.07%.

Institutional Investors Weigh In On Danaos

Several hedge funds have recently modified their holdings of DAC. Acadian Asset Management LLC lifted its holdings in shares of Danaos by 33.5% during the second quarter. Acadian Asset Management LLC now owns 788,905 shares of the shipping company’s stock worth $72,823,000 after purchasing an additional 197,904 shares during the period. Gordian Capital Singapore Pte Ltd raised its position in 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 worth $16,255,000 after acquiring an additional 176,000 shares in the last quarter. Sei Investments Co. purchased a new position in Danaos in the first quarter worth $1,484,000. TrueMark Investments LLC purchased a new position in Danaos in the second quarter worth $1,734,000. Finally, Marshall Wace LLP purchased a new position in Danaos in the second quarter worth $1,250,000. 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.