Danaos (NYSE:DAC) Hits New 1-Year High – What’s Next?

Danaos Corporation (NYSE:DAC)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $97.55 and last traded at $96.80, with a volume of 5228 shares trading hands. The stock had previously closed at $96.77.

Analyst Upgrades and Downgrades

DAC has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Danaos in a research note on Wednesday, October 8th. Jefferies Financial Group reaffirmed a “buy” rating and set a $105.00 target price on shares of Danaos in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $105.00.

Danaos Stock Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 5.21 and a current ratio of 5.36. The company’s 50-day moving average price is $90.54 and its two-hundred day moving average price is $89.88. The stock has a market cap of $1.85 billion, a PE ratio of 4.00 and a beta of 1.49.

Danaos (NYSE:DAC) last announced its quarterly earnings data on Monday, November 17th. The shipping company reported $6.75 earnings per share for the quarter, missing analysts’ consensus estimates of $7.17 by ($0.42). The business had revenue of $260.73 million during the quarter, compared to the consensus estimate of $257.63 million. Danaos had a return on equity of 13.88% and a net margin of 44.62%.During the same quarter in the previous year, the firm posted $6.50 earnings per share. On average, equities research analysts forecast that Danaos Corporation will post 29.21 EPS for the current year.

Danaos Increases Dividend

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

Institutional Trading of Danaos

Several large investors have recently added to or reduced their stakes in the stock. Ion Asset Management Ltd. raised its stake in Danaos by 15.5% in the second quarter. Ion Asset Management Ltd. now owns 654,308 shares of the shipping company’s stock worth $56,428,000 after buying an additional 87,614 shares in the last quarter. Millennium Management LLC lifted its position in Danaos by 161.8% in the 3rd quarter. Millennium Management LLC now owns 133,401 shares of the shipping company’s stock valued at $11,981,000 after acquiring an additional 82,450 shares in the last quarter. JPMorgan Chase & Co. raised its position in Danaos by 18.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 98,179 shares of the shipping company’s stock worth $8,817,000 after buying an additional 15,345 shares during the last quarter. Commonwealth Equity Services LLC grew its position in Danaos by 1.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 70,891 shares of the shipping company’s stock worth $6,367,000 after purchasing an additional 1,028 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Danaos by 20.3% in the third quarter. Bank of America Corp DE now owns 69,270 shares of the shipping company’s stock valued at $6,221,000 after acquiring an additional 11,672 shares during the period. Institutional investors own 19.01% of the company’s stock.

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.