Danaos (NYSE:DAC) Shares Pass Above 200 Day Moving Average - Here's Why

Shares of Danaos Corporation (NYSE:DAC - Get Free Report) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $80.98 and traded as high as $88.12. Danaos shares last traded at $87.77, with a volume of 55,944 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently commented on DAC shares. Jefferies Financial Group lifted their price target on shares of 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 shares of Danaos from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th.

Danaos Stock Performance

The stock has a market cap of $1.67 billion, a P/E ratio of 3.60 and a beta of 1.36. The firm has a 50 day moving average of $85.16 and a two-hundred day moving average of $80.98. 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 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 the consensus estimate of $242.00 million. During the same period in the prior year, the company posted $7.15 earnings per share. On average, research analysts predict that Danaos Corporation will post 29.21 EPS for the current fiscal year.

Danaos Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, May 27th were given a $0.85 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $3.40 annualized dividend and a yield of 3.87%. Danaos's dividend payout ratio is 13.96%.

Danaos declared that its Board of Directors has approved a share 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 reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Danaos

A number of institutional investors have recently added to or reduced their stakes in DAC. Goldman Sachs Group Inc. raised its holdings in Danaos by 183.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 46,215 shares of the shipping company's stock valued at $3,606,000 after acquiring an additional 29,921 shares in the last quarter. PDT Partners LLC raised its stake in shares of Danaos by 33.1% in the first quarter. PDT Partners LLC now owns 10,640 shares of the shipping company's stock valued at $830,000 after purchasing an additional 2,644 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Danaos in the first quarter worth $223,000. Corsair Capital Management L.P. bought a new position in Danaos in the first quarter worth $390,000. Finally, Vident Advisory LLC boosted its stake in Danaos by 43.6% during the first quarter. Vident Advisory LLC now owns 20,318 shares of the shipping company's stock worth $1,586,000 after buying an additional 6,170 shares in the last quarter. 19.01% of the stock is owned by institutional investors and hedge funds.

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.

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