Danaos (NYSE:DAC) Sets New 12-Month High – Here’s Why

Danaos Corporation (NYSE:DAC)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $99.79 and last traded at $99.2650, with a volume of 5381 shares. The stock had previously closed at $98.07.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Danaos in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $105.00.

Danaos Stock Performance

The company has a 50 day simple moving average of $91.29 and a 200 day simple moving average of $90.61. 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 stock has a market cap of $1.87 billion, a price-to-earnings ratio of 3.93 and a beta of 1.16.

Danaos (NYSE:DAC) last issued its quarterly earnings data on Monday, November 17th. The shipping company reported $6.75 EPS for the quarter, missing the consensus estimate of $7.17 by ($0.42). The company had revenue of $260.73 million during the quarter, compared to the consensus estimate 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 company earned $6.50 EPS. As a group, equities research analysts forecast that Danaos Corporation will post 29.21 EPS for the current year.

Danaos Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Tuesday, December 2nd will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, December 2nd. This is a boost from Danaos’s previous quarterly dividend of $0.85. Danaos’s payout ratio is currently 14.37%.

Institutional Trading of Danaos

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ion Asset Management Ltd. raised its holdings in Danaos by 15.5% in the 2nd quarter. Ion Asset Management Ltd. now owns 654,308 shares of the shipping company’s stock valued at $56,428,000 after buying an additional 87,614 shares during the last quarter. Millennium Management LLC grew its stake in shares of Danaos by 161.8% in the third quarter. Millennium Management LLC now owns 133,401 shares of the shipping company’s stock worth $11,981,000 after purchasing an additional 82,450 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Danaos by 183.6% in the first quarter. Goldman Sachs Group Inc. now owns 46,215 shares of the shipping company’s stock valued at $3,606,000 after purchasing an additional 29,921 shares during the period. Hi Line Capital Management LLC bought a new position in Danaos during the 2nd quarter worth $2,481,000. Finally, Lazard Asset Management LLC acquired a new position in Danaos during the 3rd quarter worth about $2,541,000. 19.01% of the stock is currently owned by institutional investors.

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.