Danaos (NYSE:DAC) Hits New 1-Year High - What's Next?

Shares of Danaos Corporation (NYSE:DAC - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $92.64 and last traded at $92.20, with a volume of 74406 shares changing hands. The stock had previously closed at $90.12.

Wall Street Analyst Weigh In

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

Danaos Stock Performance

The firm has a market capitalization of $1.77 billion, a P/E ratio of 3.82 and a beta of 1.36. The stock has a 50-day moving average of $87.13 and a 200 day moving average of $82.10. 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 posted 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 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 period in the prior year, the company posted $7.15 EPS. On average, research analysts anticipate that Danaos Corporation will post 29.21 earnings per share for the current year.

Danaos Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, May 27th were issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.65%. The ex-dividend date was Tuesday, May 27th. Danaos's dividend payout ratio is 13.96%.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of DAC. GAMMA Investing LLC increased 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 in the last quarter. Northern Trust Corp increased its position in shares of Danaos by 103.1% in the 4th quarter. Northern Trust Corp now owns 5,060 shares of the shipping company's stock valued at $405,000 after buying an additional 2,569 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Danaos by 71.8% in the 4th quarter. JPMorgan Chase & Co. now owns 51,291 shares of the shipping company's stock valued at $4,107,000 after buying an additional 21,430 shares in the last quarter. Sei Investments Co. increased its position in shares of Danaos by 12.8% in the 4th quarter. Sei Investments Co. now owns 32,629 shares of the shipping company's stock valued at $2,613,000 after buying an additional 3,696 shares in the last quarter. Finally, LPL Financial LLC increased its position in shares of Danaos by 19.0% in the 4th quarter. LPL Financial LLC now owns 3,995 shares of the shipping company's stock valued at $320,000 after buying an additional 637 shares in the last quarter. Institutional investors and hedge funds own 19.01% of the company's stock.

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.