Danaos (NYSE:DAC) Reaches New 52-Week High - Time to Buy?

Danaos Corporation (NYSE:DAC - Get Free Report)'s share price 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 traded. The stock had previously closed at $87.77.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of Danaos from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Wall Street Zen downgraded shares of Danaos from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th.

Danaos Stock Performance

The stock's 50-day moving average price is $85.34 and its 200-day moving average price is $81.13. The company has a market cap of $1.70 billion, a P/E ratio of 3.67 and a beta of 1.36. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.34 and a quick ratio of 4.18.

Danaos (NYSE:DAC - Get Free Report) last posted its quarterly earnings results 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 return on equity of 14.66% and a net margin of 46.33%. The firm had revenue of $253.31 million for the quarter, compared to analyst estimates of $242.00 million. During the same quarter in the prior year, the business posted $7.15 EPS. Equities analysts anticipate that Danaos Corporation will post 29.21 EPS for the current year.

Danaos Announces Dividend

The business also recently disclosed 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 yield of 3.80%. The ex-dividend date was Tuesday, May 27th. Danaos's payout ratio is 13.96%.

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

Hedge Funds Weigh In On Danaos

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of Danaos by 7,700.0% in the 1st quarter. GAMMA Investing LLC now owns 390 shares of the shipping company's stock valued at $30,000 after buying an additional 385 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Danaos during the 4th quarter valued at approximately $32,000. New Age Alpha Advisors LLC bought a new position in Danaos during the 4th quarter worth approximately $87,000. Cubist Systematic Strategies LLC acquired a new position in shares of Danaos in the 1st quarter worth approximately $223,000. Finally, Malaga Cove Capital LLC bought a new stake in shares of Danaos in the 4th quarter valued at $288,000. Institutional investors and hedge funds 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.