Bastion Asset Management Inc. Has $3.22 Million Holdings in Danaos Corporation $DAC

Bastion Asset Management Inc. boosted its stake in Danaos Corporation (NYSE:DAC) by 50.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,514 shares of the shipping company’s stock after purchasing an additional 12,606 shares during the quarter. Danaos comprises about 1.5% of Bastion Asset Management Inc.’s investment portfolio, making the stock its 27th largest holding. Bastion Asset Management Inc. owned about 0.20% of Danaos worth $3,217,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. National Bank of Canada FI grew its position in shares of Danaos by 3.2% during the 1st quarter. National Bank of Canada FI now owns 3,914 shares of the shipping company’s stock worth $305,000 after buying an additional 120 shares during the period. Redhawk Wealth Advisors Inc. boosted its stake in Danaos by 1.5% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 12,594 shares of the shipping company’s stock worth $1,086,000 after acquiring an additional 185 shares during the last quarter. PFG Advisors boosted its stake in Danaos by 4.8% during the 1st quarter. PFG Advisors now owns 6,135 shares of the shipping company’s stock worth $479,000 after acquiring an additional 279 shares during the last quarter. Assetmark Inc. grew its holdings in Danaos by 15,500.0% during the second quarter. Assetmark Inc. now owns 468 shares of the shipping company’s stock valued at $40,000 after purchasing an additional 465 shares during the period. Finally, Morgan Dempsey Capital Management LLC increased its stake in Danaos by 41.7% in the second quarter. Morgan Dempsey Capital Management LLC now owns 4,564 shares of the shipping company’s stock valued at $394,000 after purchasing an additional 1,343 shares in the last quarter. Institutional investors and hedge funds own 19.01% of the company’s stock.

Danaos Trading Up 0.6%

NYSE DAC opened at $92.45 on Friday. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 3.81 and a beta of 1.49. The stock’s 50 day moving average price is $90.43 and its two-hundred day moving average price is $88.57. The company has a debt-to-equity ratio of 0.20, a quick ratio of 5.21 and a current ratio of 5.36. Danaos Corporation has a 52 week low of $65.40 and a 52 week high of $96.47.

Danaos (NYSE:DAC) last issued its quarterly earnings results on Monday, August 4th. The shipping company reported $6.36 EPS for the quarter, missing the consensus estimate of $6.52 by ($0.16). The business had revenue of $262.15 million for the quarter, compared to the consensus estimate of $247.26 million. Danaos had a return on equity of 13.88% and a net margin of 44.62%. As a group, analysts anticipate that Danaos Corporation will post 29.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on DAC. Jefferies Financial Group reissued a “buy” rating and set a $105.00 price target on shares of Danaos in a research report on Tuesday, August 5th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Danaos in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $105.00.

Danaos 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.