Danaos (NYSE:DAC) Trading Down 4.6% – What’s Next?

Danaos Co. (NYSE:DAC)’s stock price traded down 4.6% during trading on Monday . The company traded as low as $82.00 and last traded at $82.00. 50,001 shares changed hands during trading, a decline of 53% from the average session volume of 106,775 shares. The stock had previously closed at $85.91.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. StockNews.com lowered shares of Danaos from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $105.00 price target on shares of Danaos in a report on Tuesday, November 12th.

Danaos Price Performance

The company has a market capitalization of $1.53 billion, a P/E ratio of 2.76 and a beta of 1.47. The firm’s fifty day moving average is $83.97 and its 200 day moving average is $85.52. The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.78 and a current ratio of 3.93.

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

Danaos Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Monday, November 25th will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Monday, November 25th. This is an increase from Danaos’s previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.31%. Danaos’s dividend payout ratio is presently 11.76%.

Hedge Funds Weigh In On Danaos

Several institutional investors and hedge funds have recently modified their holdings of DAC. Public Employees Retirement System of Ohio acquired a new stake in Danaos during the 3rd quarter worth $359,000. XTX Topco Ltd purchased a new stake in Danaos in the third quarter valued at approximately $351,000. National Bank of Canada FI grew its position in Danaos by 4.9% in the 3rd quarter. National Bank of Canada FI now owns 3,871 shares of the shipping company’s stock valued at $336,000 after acquiring an additional 182 shares in the last quarter. State Street Corp increased its position in shares of Danaos by 2.3% during the third quarter. State Street Corp now owns 24,098 shares of the shipping company’s stock worth $2,090,000 after acquiring an additional 547 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in Danaos during the 3rd quarter worth about $205,000. Institutional investors and hedge funds own 19.01% of the company’s stock.

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.