Danaos (NYSE:DAC) Downgraded to "Hold" Rating by StockNews.com

Danaos (NYSE:DAC - Get Free Report) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating in a report issued on Monday.

Separately, Jefferies Financial Group reaffirmed a "buy" rating and set a $105.00 price target on shares of Danaos in a research note on Tuesday, February 11th.

Danaos Trading Up 2.5 %

NYSE DAC traded up $2.01 on Monday, hitting $82.37. 53,982 shares of the stock were exchanged, compared to its average volume of 110,422. The company's 50-day moving average price is $77.78 and its two-hundred day moving average price is $79.90. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 3.18 and a beta of 1.32. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.93 and a quick ratio of 3.78. Danaos has a 52-week low of $65.40 and a 52-week high of $98.25.

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

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

Institutional Trading of Danaos

A number of institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp boosted its holdings in Danaos by 2.3% during the third quarter. State Street Corp now owns 24,098 shares of the shipping company's stock valued at $2,090,000 after acquiring an additional 547 shares during the period. Redhawk Wealth Advisors Inc. grew its holdings in Danaos by 5.5% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 9,258 shares of the shipping company's stock valued at $741,000 after buying an additional 485 shares during the last quarter. Ballentine Partners LLC increased its position in Danaos by 18.1% in the 4th quarter. Ballentine Partners LLC now owns 3,053 shares of the shipping company's stock worth $244,000 after buying an additional 467 shares during the period. Avior Wealth Management LLC lifted its holdings in shares of Danaos by 24.1% during the fourth quarter. Avior Wealth Management LLC now owns 2,321 shares of the shipping company's stock worth $186,000 after buying an additional 451 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Danaos by 37.7% in the fourth 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. 19.01% of the stock is currently owned by institutional investors and hedge funds.

Danaos Company 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.