Danaos (NYSE:DAC) Stock Price Crosses Above 200-Day Moving Average - Here's Why

Danaos Corporation (NYSE:DAC - Get Free Report) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $81.46 and traded as high as $89.98. Danaos shares last traded at $89.40, with a volume of 62,007 shares trading hands.

Analysts Set New Price Targets

A number of research firms recently commented on DAC. Wall Street Zen lowered shares of Danaos from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Jefferies Financial Group raised their price objective on shares of Danaos from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th.

Danaos Stock Performance

The company has a quick ratio of 4.18, a current ratio of 4.34 and a debt-to-equity ratio of 0.21. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 3.63 and a beta of 1.36. The company's 50-day simple moving average is $86.42 and its 200-day simple moving average is $81.56.

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). The business had revenue of $253.31 million during the quarter, compared to analyst estimates of $242.00 million. Danaos had a return on equity of 14.66% and a net margin of 46.33%. During the same quarter last year, the firm posted $7.15 EPS. Analysts predict that Danaos Corporation will post 29.21 EPS for the current fiscal year.

Danaos Dividend Announcement

The firm 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 was Tuesday, May 27th. This represents a $3.40 annualized dividend and a yield of 3.84%. Danaos's dividend payout ratio (DPR) is 13.96%.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in Danaos by 7,700.0% during 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 in the last quarter. Summit Securities Group LLC purchased a new position in Danaos during the 4th quarter worth approximately $32,000. New Age Alpha Advisors LLC purchased a new position in Danaos during the 4th quarter worth approximately $87,000. Cubist Systematic Strategies LLC purchased a new position in Danaos during the 1st quarter worth approximately $223,000. Finally, Malaga Cove Capital LLC purchased a new position in Danaos during the 4th quarter worth approximately $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.