Danaos (NYSE:DAC) Stock Passes Above 200 Day Moving Average - Here's What Happened

Danaos Corporation (NYSE:DAC - Get Free Report) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred 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

DAC has been the subject of several research reports. Jefferies Financial Group upped 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 Danaos from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th.

Danaos Trading Up 0.1%

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

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

Danaos Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, May 27th were paid 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 3.80%. Danaos's payout ratio is 13.96%.

Danaos declared that its board has authorized a stock buyback program on Monday, April 14th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the shipping company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in Danaos by 7,700.0% in the 1st quarter. GAMMA Investing LLC now owns 390 shares of the shipping company's stock worth $30,000 after purchasing an additional 385 shares during the period. Northern Trust Corp boosted its stake in Danaos by 103.1% in the 4th quarter. Northern Trust Corp now owns 5,060 shares of the shipping company's stock worth $405,000 after purchasing an additional 2,569 shares during the period. JPMorgan Chase & Co. boosted its stake in Danaos by 71.8% in the 4th quarter. JPMorgan Chase & Co. now owns 51,291 shares of the shipping company's stock worth $4,107,000 after purchasing an additional 21,430 shares during the period. Sei Investments Co. boosted its stake in Danaos by 12.8% in the 4th quarter. Sei Investments Co. now owns 32,629 shares of the shipping company's stock worth $2,613,000 after purchasing an additional 3,696 shares during the period. Finally, LPL Financial LLC boosted its stake in Danaos by 19.0% in the 4th quarter. LPL Financial LLC now owns 3,995 shares of the shipping company's stock worth $320,000 after purchasing an additional 637 shares during the period. 19.01% of the stock is currently 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.