Danaos (NYSE:DAC) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Danaos (NYSE:DAC - Free Report) from a hold rating to a buy rating in a research report report published on Tuesday morning.

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 down $0.37 during trading hours on Tuesday, reaching $83.21. The stock had a trading volume of 45,070 shares, compared to its average volume of 109,060. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of 3.21 and a beta of 1.34. 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 has a fifty-two week low of $65.40 and a fifty-two week high of $98.25. The firm has a 50-day moving average of $78.10 and a 200-day moving average of $79.79.

Danaos (NYSE:DAC - Get Free Report) last announced its 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 net margin of 49.81% and a return on equity of 16.03%. Equities research analysts predict that Danaos will post 29.21 earnings per share for the current year.

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 paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend was Monday, February 24th. Danaos's dividend payout ratio is presently 13.12%.

Danaos announced that its board has approved a stock buyback plan on Monday, April 14th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the shipping company to purchase up to 6.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of Danaos

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its stake in Danaos by 7,700.0% during the 1st quarter. GAMMA Investing LLC now owns 390 shares of the shipping company's stock valued at $30,000 after acquiring an additional 385 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Danaos during the 4th quarter valued at approximately $32,000. New Age Alpha Advisors LLC purchased a new stake in Danaos during the 4th quarter valued at approximately $87,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of 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 worth $117,000 after buying an additional 400 shares in the last quarter. Finally, Allworth Financial LP raised its stake in shares of Danaos by 340.1% during the 4th quarter. Allworth Financial LP now owns 1,941 shares of the shipping company's stock worth $149,000 after buying an additional 1,500 shares in the last quarter. 19.01% of the stock is owned by hedge funds and other institutional investors.

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.