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

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

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

Danaos Stock Performance

Shares of NYSE:DAC traded up $0.27 on Wednesday, hitting $86.84. The company had a trading volume of 47,524 shares, compared to its average volume of 109,242. Danaos has a 1-year low of $65.40 and a 1-year high of $98.25. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 3.35 and a beta of 1.34. The stock has a 50 day moving average price of $78.93 and a 200 day moving average price of $80.01. 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 (NYSE:DAC - Get Free Report) last released 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). Danaos had a net margin of 49.81% and a return on equity of 16.03%. The company had revenue of $253.31 million during the quarter, compared to analyst estimates of $242.00 million. During the same quarter in the prior year, the firm earned $7.15 earnings per share. Analysts expect that Danaos will post 29.21 EPS for the current year.

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

Institutional Investors Weigh In On Danaos

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its position in Danaos by 7,700.0% during the first quarter. GAMMA Investing LLC now owns 390 shares of the shipping company's stock worth $30,000 after purchasing an additional 385 shares during the period. Summit Securities Group LLC bought a new stake in Danaos during the fourth quarter worth about $32,000. New Age Alpha Advisors LLC bought a new stake in Danaos during the fourth quarter worth about $87,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in Danaos by 37.7% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company's stock worth $117,000 after purchasing an additional 400 shares during the period. Finally, Allworth Financial LP lifted its position in Danaos by 340.1% during the fourth quarter. Allworth Financial LP now owns 1,941 shares of the shipping company's stock worth $149,000 after purchasing an additional 1,500 shares during the period. 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.