Danaos (NYSE:DAC) Sets New 1-Year High - Here's Why

Danaos Corporation (NYSE:DAC - Get Free Report)'s share price hit a new 52-week high during trading on Friday . The stock traded as high as $91.00 and last traded at $90.49, with a volume of 1268 shares changing hands. The stock had previously closed at $90.58.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Wall Street Zen lowered Danaos from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Jefferies Financial Group raised their price objective on Danaos from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th.

Danaos Price Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 4.34 and a quick ratio of 4.18. The firm has a market cap of $1.71 billion, a PE ratio of 3.69 and a beta of 1.36. The firm has a 50-day simple moving average of $86.69 and a 200 day simple moving average of $81.71.

Danaos (NYSE:DAC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The shipping company reported $6.04 EPS for the quarter, missing the consensus estimate of $6.33 by ($0.29). The firm had revenue of $253.31 million for the quarter, compared to analysts' expectations of $242.00 million. Danaos had a net margin of 46.33% and a return on equity of 14.66%. During the same period in the prior year, the business posted $7.15 EPS. As a group, equities analysts expect that Danaos Corporation will post 29.21 EPS for the current year.

Danaos Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, May 27th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date was Tuesday, May 27th. Danaos's payout ratio is 13.96%.

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

Hedge Funds Weigh In On Danaos

A number of hedge funds have recently bought and sold shares of DAC. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Danaos by 61.7% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 13,697 shares of the shipping company's stock worth $1,097,000 after purchasing an additional 5,228 shares in the last quarter. Sei Investments Co. boosted its stake in Danaos by 12.8% in the 4th quarter. Sei Investments Co. now owns 32,629 shares of the shipping company's stock worth $2,613,000 after purchasing an additional 3,696 shares in the last quarter. LPL Financial LLC boosted its stake in Danaos by 19.0% in the 4th quarter. LPL Financial LLC now owns 3,995 shares of the shipping company's stock worth $320,000 after purchasing an additional 637 shares in the last quarter. TrueMark Investments LLC raised its stake in shares of Danaos by 252.9% in the fourth quarter. TrueMark Investments LLC now owns 65,485 shares of the shipping company's stock worth $5,243,000 after purchasing an additional 46,930 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Danaos by 71.8% in the fourth quarter. JPMorgan Chase & Co. now owns 51,291 shares of the shipping company's stock worth $4,107,000 after purchasing an additional 21,430 shares during the last quarter. Institutional investors own 19.01% of the company's stock.

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.