Malaga Cove Capital LLC Takes Position in Danaos Co. (NYSE:DAC)

Malaga Cove Capital LLC acquired a new stake in Danaos Co. (NYSE:DAC) during the fourth quarter, HoldingsChannel reports. The firm acquired 3,598 shares of the shipping company’s stock, valued at approximately $288,000.

A number of other hedge funds have also made changes to their positions in the business. Ion Asset Management Ltd. increased its holdings in shares of Danaos by 47.8% in the 4th quarter. Ion Asset Management Ltd. now owns 566,050 shares of the shipping company’s stock valued at $45,324,000 after acquiring an additional 183,050 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Danaos by 18.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 314,787 shares of the shipping company’s stock valued at $25,205,000 after acquiring an additional 48,155 shares during the last quarter. No Street GP LP increased its holdings in shares of Danaos by 11.1% in the 4th quarter. No Street GP LP now owns 250,000 shares of the shipping company’s stock valued at $20,018,000 after acquiring an additional 25,000 shares during the last quarter. TrueMark Investments LLC increased its holdings in shares of Danaos by 252.9% in the 4th quarter. TrueMark Investments LLC now owns 65,485 shares of the shipping company’s stock valued at $5,243,000 after acquiring an additional 46,930 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Danaos by 71.8% in the 4th quarter. JPMorgan Chase & Co. now owns 51,291 shares of the shipping company’s stock valued at $4,107,000 after acquiring an additional 21,430 shares during the last quarter. Hedge funds and other institutional investors own 19.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on DAC. Jefferies Financial Group increased their price objective on Danaos from $100.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday. StockNews.com downgraded Danaos from a “buy” rating to a “hold” rating in a report on Wednesday.

Danaos Trading Down 3.6%

DAC opened at $85.63 on Thursday. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 3.30 and a beta of 1.34. Danaos Co. has a 52 week low of $65.40 and a 52 week high of $98.25. The business’s 50 day moving average is $78.56 and its two-hundred day moving average is $79.92. The company has a quick ratio of 3.78, a current ratio of 3.93 and a debt-to-equity ratio of 0.19.

Danaos (NYSE:DAC) last released its quarterly earnings results on Tuesday, May 13th. The shipping company reported $6.04 EPS for the quarter, missing the consensus estimate of $6.33 by ($0.29). The firm had revenue of $253.31 million for the quarter, compared to analyst estimates of $242.00 million. Danaos had a return on equity of 16.03% and a net margin of 49.81%. During the same period last year, the firm earned $7.15 EPS. On average, research analysts predict that Danaos Co. will post 29.21 EPS for the current year.

Danaos Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, May 27th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Tuesday, May 27th. Danaos’s payout ratio is currently 13.12%.

Danaos declared that its board has initiated a share buyback plan on Monday, April 14th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the shipping company to reacquire up to 6.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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.