Danaos (NYSE:DAC) Reaches New 52-Week High – Time to Buy?

Danaos Corporation (NYSE:DAC) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $98.49 and last traded at $98.16, with a volume of 17416 shares. The stock had previously closed at $97.80.

Analyst Ratings Changes

DAC has been the subject of several analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Danaos in a research report on Wednesday, October 8th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $105.00 price target on shares of Danaos in a report on Tuesday, August 5th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $105.00.

Danaos Stock Performance

The firm has a fifty day simple moving average of $90.96 and a 200-day simple moving average of $90.35. The company has a quick ratio of 4.51, a current ratio of 4.62 and a debt-to-equity ratio of 0.18. The company has a market cap of $1.87 billion, a PE ratio of 3.93 and a beta of 1.16.

Danaos (NYSE:DAC) last posted its earnings results on Monday, November 17th. The shipping company reported $6.75 earnings per share for the quarter, missing the consensus estimate of $7.17 by ($0.42). The firm had revenue of $260.73 million during the quarter, compared to analysts’ expectations of $257.63 million. Danaos had a net margin of 45.16% and a return on equity of 13.49%. During the same period in the previous year, the firm posted $6.50 earnings per share. On average, research analysts forecast that Danaos Corporation will post 29.21 EPS for the current fiscal year.

Danaos Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Tuesday, December 2nd will be issued a $0.90 dividend. The ex-dividend date of this dividend is Tuesday, December 2nd. This is an increase from Danaos’s previous quarterly dividend of $0.85. This represents a $3.60 annualized dividend and a dividend yield of 3.7%. Danaos’s dividend payout ratio is currently 13.57%.

Hedge Funds Weigh In On Danaos

Institutional investors have recently modified their holdings of the business. Ion Asset Management Ltd. boosted its stake in Danaos by 15.5% during the 2nd quarter. Ion Asset Management Ltd. now owns 654,308 shares of the shipping company’s stock worth $56,428,000 after purchasing an additional 87,614 shares during the period. Millennium Management LLC boosted its stake in shares of Danaos by 161.8% during the third quarter. Millennium Management LLC now owns 133,401 shares of the shipping company’s stock worth $11,981,000 after buying an additional 82,450 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Danaos by 183.6% during the first quarter. Goldman Sachs Group Inc. now owns 46,215 shares of the shipping company’s stock worth $3,606,000 after buying an additional 29,921 shares during the last quarter. Hi Line Capital Management LLC acquired a new position in Danaos in the 2nd quarter valued at about $2,481,000. Finally, Lazard Asset Management LLC purchased a new stake in Danaos during the 3rd quarter valued at approximately $2,541,000. 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.