Danaos Co. (NYSE:DAC) is Ion Asset Management Ltd.'s 7th Largest Position

Ion Asset Management Ltd. lifted its holdings in shares of Danaos Co. (NYSE:DAC - Free Report) by 47.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 566,050 shares of the shipping company's stock after acquiring an additional 183,050 shares during the period. Danaos makes up approximately 2.6% of Ion Asset Management Ltd.'s investment portfolio, making the stock its 7th largest holding. Ion Asset Management Ltd. owned 2.91% of Danaos worth $45,324,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of DAC. Arrowstreet Capital Limited Partnership lifted 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 buying an additional 48,155 shares during the period. TrueMark Investments LLC boosted its holdings 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. raised its stake in 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 purchasing an additional 21,430 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Danaos by 12.8% in the fourth quarter. Sei Investments Co. now owns 32,629 shares of the shipping company's stock worth $2,613,000 after buying an additional 3,696 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Danaos by 31.5% during the 4th quarter. Wells Fargo & Company MN now owns 28,382 shares of the shipping company's stock worth $2,273,000 after purchasing an additional 6,804 shares during the last quarter. 19.01% of the stock is owned by hedge funds and other institutional investors.

Danaos Trading Up 2.5 %

Danaos stock traded up $2.01 during mid-day trading on Friday, hitting $82.37. The company's stock had a trading volume of 53,982 shares, compared to its average volume of 110,367. The stock's fifty day moving average is $77.78 and its two-hundred day moving average is $79.87. The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $1.56 billion, a PE ratio of 3.18 and a beta of 1.34. Danaos Co. has a 1 year low of $65.40 and a 1 year high of $98.25.

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

Danaos Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Monday, February 24th were given a dividend of $0.85 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.13%. Danaos's payout ratio is currently 13.12%.

Danaos declared that its board has approved a stock repurchase program on Monday, April 14th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the shipping company to purchase up to 6.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DAC. StockNews.com downgraded Danaos from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Jefferies Financial Group reissued a "buy" rating and set a $105.00 price target on shares of Danaos in a research report on Tuesday, February 11th.

Danaos Profile

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.