Wells Fargo & Company MN boosted its holdings in shares of Danaos Co. (NYSE:DAC - Free Report) by 31.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,382 shares of the shipping company's stock after buying an additional 6,804 shares during the period. Wells Fargo & Company MN owned approximately 0.15% of Danaos worth $2,273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also added to or reduced their stakes in the company. Summit Securities Group LLC purchased a new position in shares of Danaos in the fourth quarter worth about $32,000. New Age Alpha Advisors LLC purchased a new position in Danaos during the 4th quarter worth approximately $87,000. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Danaos by 37.7% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company's stock valued at $117,000 after acquiring an additional 400 shares during the period. Allworth Financial LP boosted its holdings in shares of Danaos by 340.1% in the 4th quarter. Allworth Financial LP now owns 1,941 shares of the shipping company's stock valued at $149,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Avior Wealth Management LLC increased its stake in shares of Danaos by 24.1% in the fourth quarter. Avior Wealth Management LLC now owns 2,321 shares of the shipping company's stock worth $186,000 after acquiring an additional 451 shares during the period. Institutional investors and hedge funds own 19.01% of the company's stock.
Danaos Stock Performance
DAC traded down $0.10 on Thursday, reaching $81.03. The stock had a trading volume of 11,545 shares, compared to its average volume of 109,993. The business's 50-day moving average price is $77.81 and its two-hundred day moving average price is $79.93. The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19. Danaos Co. has a 12-month low of $65.40 and a 12-month high of $98.25. The company has a market cap of $1.54 billion, a P/E ratio of 3.13 and a beta of 1.32.
Danaos (NYSE:DAC - Get Free Report) last issued its quarterly earnings results on Monday, February 10th. The shipping company reported $6.50 earnings per share (EPS) 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%. Sell-side analysts forecast that Danaos Co. will post 29.21 earnings per share for the current year.
Danaos announced that its board has approved a share repurchase program on Monday, April 14th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the shipping company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.
Danaos Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date was Monday, February 24th. Danaos's dividend payout ratio is presently 13.12%.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on the company. Jefferies Financial Group reaffirmed a "buy" rating and set a $105.00 price target on shares of Danaos in a research report on Tuesday, February 11th. StockNews.com lowered Danaos from a "buy" rating to a "hold" rating in a report on Monday.
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About Danaos
(
Free Report)
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.
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