Danaos Co. (NYSE:DAC) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. lessened its holdings in shares of Danaos Co. (NYSE:DAC - Free Report) by 53.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,839 shares of the shipping company's stock after selling 19,476 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.09% of Danaos worth $1,339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of DAC. Arrowstreet Capital Limited Partnership lifted its position in Danaos by 18.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 314,787 shares of the shipping company's stock valued at $25,205,000 after purchasing an additional 48,155 shares in the last quarter. TrueMark Investments LLC lifted its position in shares of Danaos by 252.9% during the 4th quarter. TrueMark Investments LLC now owns 65,485 shares of the shipping company's stock valued at $5,243,000 after buying an additional 46,930 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of 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. DGS Capital Management LLC increased its holdings in Danaos by 71.6% in the 4th quarter. DGS Capital Management LLC now owns 23,945 shares of the shipping company's stock worth $1,917,000 after acquiring an additional 9,994 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in 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 acquiring an additional 6,804 shares during the period. Institutional investors own 19.01% of the company's stock.

Danaos Price Performance

Danaos stock traded up $0.23 during mid-day trading on Friday, reaching $80.69. 21,380 shares of the company's stock traded hands, compared to its average volume of 110,316. 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 $1.53 billion, a price-to-earnings ratio of 3.11 and a beta of 1.32. The stock has a 50 day moving average of $78.15 and a two-hundred day moving average of $80.09. 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 - Get Free Report) last posted its quarterly earnings data 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%. Equities analysts forecast that Danaos Co. will post 29.21 earnings per share for the current year.

Danaos Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors 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 dividend yield of 4.21%. The ex-dividend date of this dividend was Monday, February 24th. Danaos's dividend payout ratio (DPR) is currently 13.12%.

Danaos announced that its Board of Directors has approved a stock repurchase plan on Monday, April 14th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the shipping company to buy up to 6.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DAC. StockNews.com upgraded shares of Danaos from a "hold" rating to a "buy" rating in a research report on Monday, March 10th. Jefferies Financial Group reiterated a "buy" rating and set a $105.00 target price 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.