45,631 Shares in Danaos Co. (NYSE:DAC) Bought by Bastion Asset Management Inc.

Bastion Asset Management Inc. purchased a new stake in shares of Danaos Co. (NYSE:DAC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 45,631 shares of the shipping company's stock, valued at approximately $3,736,000. Danaos makes up about 2.5% of Bastion Asset Management Inc.'s portfolio, making the stock its 15th largest holding. Bastion Asset Management Inc. owned approximately 0.23% of Danaos as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the company. 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 worth $45,324,000 after purchasing an additional 183,050 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Danaos by 18.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 314,787 shares of the shipping company's stock worth $25,205,000 after buying an additional 48,155 shares in the last quarter. TrueMark Investments LLC raised its position in Danaos by 252.9% in the 4th quarter. TrueMark Investments LLC now owns 65,485 shares of the shipping company's stock worth $5,243,000 after buying an additional 46,930 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Danaos by 71.8% during 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 period. Finally, Sei Investments Co. boosted its holdings in shares of Danaos by 12.8% during the 4th quarter. Sei Investments Co. now owns 32,629 shares of the shipping company's stock valued at $2,613,000 after acquiring an additional 3,696 shares during the last quarter. 19.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on DAC. Jefferies Financial Group restated a "buy" rating and set a $105.00 price objective on shares of Danaos in a research report on Tuesday, February 11th. StockNews.com raised Danaos from a "hold" rating to a "buy" rating in a report on Tuesday.

Danaos Stock Performance

Shares of Danaos stock traded up $0.02 during trading hours on Wednesday, reaching $80.79. 36,794 shares of the stock traded hands, compared to its average volume of 109,825. Danaos Co. has a one year low of $65.40 and a one year high of $98.25. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 3.12 and a beta of 1.34. The company has a quick ratio of 3.78, a current ratio of 3.93 and a debt-to-equity ratio of 0.19. The company has a 50 day moving average price of $77.81 and a 200 day moving average price of $79.84.

Danaos (NYSE:DAC - Get Free Report) last announced its earnings results on Monday, February 10th. The shipping company reported $6.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.52 by ($0.02). Danaos had a net margin of 49.81% and a return on equity of 16.03%. On average, equities research analysts expect that Danaos Co. will post 29.21 earnings per share for the current fiscal year.

Danaos Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend was Monday, February 24th. Danaos's payout ratio is 13.12%.

Danaos announced that its Board of Directors has approved a stock buyback plan on Monday, April 14th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the shipping company to repurchase up to 6.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are 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.