Danaos (NYSE:DAC) Hits New 12-Month High - Here's What Happened

Danaos Corporation (NYSE:DAC - Get Free Report) shares reached a new 52-week high during trading on Monday . The company traded as high as $90.54 and last traded at $89.57, with a volume of 43828 shares. The stock had previously closed at $87.77.

Analyst Ratings Changes

Several brokerages recently issued reports on DAC. Jefferies Financial Group boosted their price target on Danaos from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Wall Street Zen downgraded Danaos from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th.

Danaos Stock Up 1.9%

The business's 50 day moving average is $85.64 and its 200 day moving average is $81.23. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of 3.66 and a beta of 1.36. The company has a debt-to-equity ratio of 0.21, a quick ratio of 4.18 and a current ratio of 4.34.

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

Danaos Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend was Tuesday, May 27th. Danaos's payout ratio is presently 13.96%.

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 outstanding shares. This buyback authorization authorizes the shipping company to repurchase up to 6.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Danaos

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Ion Asset Management Ltd. boosted its position in shares of Danaos by 47.8% during the fourth quarter. Ion Asset Management Ltd. now owns 566,050 shares of the shipping company's stock worth $45,324,000 after purchasing an additional 183,050 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Danaos by 18.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 314,787 shares of the shipping company's stock worth $25,205,000 after buying an additional 48,155 shares during the period. No Street GP LP boosted its holdings in shares of Danaos by 11.1% during the 4th quarter. No Street GP LP now owns 250,000 shares of the shipping company's stock worth $20,018,000 after buying an additional 25,000 shares during the period. Voloridge Investment Management LLC boosted its holdings in Danaos by 20.4% in the 4th quarter. Voloridge Investment Management LLC now owns 103,937 shares of the shipping company's stock valued at $8,322,000 after purchasing an additional 17,643 shares during the period. Finally, TrueMark Investments LLC boosted its holdings in Danaos by 252.9% in the 4th quarter. TrueMark Investments LLC now owns 65,485 shares of the shipping company's stock valued at $5,243,000 after purchasing an additional 46,930 shares during the period. 19.01% of the stock is owned by 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.