Danaos Corporation (DAC) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of Danaos Corporation (NYSE:DAC) from a buy rating to a hold rating in a report released on Tuesday morning.
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. “
A number of other research firms have also weighed in on DAC. Jefferies Group LLC restated a hold rating and set a $3.00 price target on shares of Danaos Corporation in a research report on Monday, July 10th. ValuEngine lowered shares of Danaos Corporation from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, BidaskClub upgraded shares of Danaos Corporation from a sell rating to a hold rating in a research report on Friday, July 14th. Five research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of Hold and an average target price of $2.25.
Danaos Corporation (NYSE:DAC) traded down 3.57% on Tuesday, hitting $1.35. 39,248 shares of the company’s stock traded hands. The stock has a 50-day moving average of $1.87 and a 200-day moving average of $1.83. Danaos Corporation has a one year low of $1.25 and a one year high of $4.40. The stock’s market cap is $148.23 million.
Danaos Corporation (NYSE:DAC) last released its earnings results on Monday, July 31st. The shipping company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.05. The business had revenue of $113.88 million during the quarter, compared to analysts’ expectations of $108.01 million. Danaos Corporation had a negative net margin of 92.96% and a positive return on equity of 16.72%. The company’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.43 earnings per share. On average, equities analysts forecast that Danaos Corporation will post $0.89 earnings per share for the current fiscal year.
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An institutional investor recently raised its position in Danaos Corporation stock. Bank of New York Mellon Corp boosted its stake in shares of Danaos Corporation (NYSE:DAC) by 2.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 113,802 shares of the shipping company’s stock after buying an additional 3,000 shares during the period. Bank of New York Mellon Corp owned about 0.10% of Danaos Corporation worth $193,000 at the end of the most recent quarter. 2.14% of the stock is owned by institutional investors.
Danaos Corporation Company Profile
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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