Danaos Corp. (DAC) Lowered to “Sell” at Zacks Investment Research
According to Zacks, “Danaos Corporation is a leading international owner of containerships, chartering vessels to many of the world’s largest liner companies. Danaos was set up by Dimitri Coustas, an experienced shipping investor who had been active in the industry. Having consistently developed sea transport services throughout its history, Danaos has forged a reputation for high-quality operational support to liner companies and other charterers throughout the world. The Company currently have a fleet of containerships aggregating TEU, making us among the largest containership charter owners in the world. We charter our containerships to a geographically diverse group of liner companies, including most of the largest ones globally. Such customers include Maersk, COSCO, Hapag-Lloyd, CMA-CGM, Neptune Orient Lines, Yang Ming, China Shipping, Norasia Container Lines Ltd, Hyundai Merchant Marine Co., Wan-Hai Lines and Zim Israel Integrated Shipping Services Ltd. “
Separately, Jefferies Group restated a hold rating on shares of Danaos Corp. in a report on Monday, August 1st.
Shares of Danaos Corp. (NYSE:DAC) opened at 2.65 on Tuesday. The stock’s 50 day moving average price is $3.14 and its 200-day moving average price is $3.58. Danaos Corp. has a 12-month low of $2.57 and a 12-month high of $6.64. The firm has a market capitalization of $290.97 million, a P/E ratio of 2.12 and a beta of 1.01.
Danaos Corp. (NYSE:DAC) last issued its earnings results on Monday, August 1st. The company reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.01. The firm earned $137 million during the quarter, compared to analysts’ expectations of $135.57 million. Danaos Corp. had a net margin of 24.43% and a return on equity of 21.29%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the firm posted $0.35 earnings per share. On average, equities analysts expect that Danaos Corp. will post $1.60 EPS for the current year.
Institutional investors have recently bought and sold shares of the company. Clark Capital Management Group Inc. raised its position in Danaos Corp. by 15.9% in the first quarter. Clark Capital Management Group Inc. now owns 429,607 shares of the company’s stock worth $1,633,000 after buying an additional 59,016 shares in the last quarter. FCA Corp TX raised its position in Danaos Corp. by 188.3% in the second quarter. FCA Corp TX now owns 43,245 shares of the company’s stock worth $118,000 after buying an additional 28,245 shares in the last quarter. BlackRock Institutional Trust Company N.A. purchased a new position in Danaos Corp. during the first quarter worth approximately $122,000. Renaissance Technologies LLC purchased a new position in Danaos Corp. during the first quarter worth approximately $128,000. Finally, Spark Investment Management LLC raised its position in Danaos Corp. by 71.6% in the first quarter. Spark Investment Management LLC now owns 35,700 shares of the company’s stock worth $135,000 after buying an additional 14,900 shares in the last quarter. 2.21% of the stock is owned by hedge funds and other institutional investors.
About Danaos Corp.
Danaos Corporation is a holding company and an international owner of containerships, chartering its vessels to a range of liner companies. The Company’s principal business is the acquisition and operation of vessels. The Company conducts its operations through the vessel owning companies, whose principal activity is the ownership and operation of containerships that are under the management of a related party of the company.
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