Danaos (NYSE:DAC) Hits New 52-Week High – Here’s Why

Shares of Danaos Corporation (NYSE:DAC) hit a new 52-week high during trading on Thursday. The stock traded as high as $168.15 and last traded at $164.6730, with a volume of 328,316 shares changing hands. The stock had previously closed at $165.94.

Analyst Upgrades and Downgrades

DAC has been the subject of a number of recent analyst reports. Freedom Capital raised Danaos from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Weiss Ratings upgraded shares of Danaos from a “buy (a-)” rating to a “buy (a)” rating in a report on Thursday. Three analysts have rated the stock with a Strong Buy rating. According to MarketBeat.com, Danaos has an average rating of “Strong Buy”.

Danaos Stock Down 0.6%

The company has a quick ratio of 9.15, a current ratio of 9.30 and a debt-to-equity ratio of 0.29. The firm’s fifty day simple moving average is $152.65 and its 200-day simple moving average is $135.04. The company has a market cap of $3.08 billion, a PE ratio of 5.72 and a beta of 0.87.

Danaos (NYSE:DAC) last announced its quarterly earnings data on Monday, August 3rd. The shipping company reported $7.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.80 by $0.49. The business had revenue of $274.37 million for the quarter, compared to the consensus estimate of $258.27 million. Danaos had a net margin of 51.26% and a return on equity of 13.20%.

Danaos Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 22nd. Shareholders of record on Tuesday, October 13th will be paid a dividend of $1.00 per share. This is a boost from Danaos’s previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, October 13th. Danaos’s payout ratio is presently 12.18%.

Institutional Investors Weigh In On Danaos

Several hedge funds have recently modified their holdings of the stock. Ascentis Independent Advisors acquired a new position in shares of Danaos during the first quarter worth $56,000. Parallel Advisors LLC lifted its holdings in Danaos by 33.2% in the 1st quarter. Parallel Advisors LLC now owns 1,171 shares of the shipping company’s stock worth $132,000 after buying an additional 292 shares in the last quarter. Engineers Gate Manager LP acquired a new position in Danaos in the 2nd quarter worth $230,000. Squarepoint Ops LLC purchased a new position in Danaos in the 2nd quarter valued at about $234,000. Finally, Glenview Trust Co acquired a new stake in shares of Danaos during the first quarter valued at about $225,000. 19.01% of the stock is currently owned by hedge funds and other institutional investors.

Danaos Company Profile

Danaos Corporation is a Greece-based international owner and operator of containerships. The company provides vessels for the transportation of containerized cargo and generally charters its ships to major liner companies, which use them to serve global trade routes.

Founded in 1972, Danaos has developed a fleet serving customers across major shipping markets and geographic regions. Its operations support the movement of manufactured goods, consumer products, industrial materials and other cargo transported in standardized shipping containers.

Danaos is headquartered in Piraeus, Greece, and its management is led by Dr.