Danaos (NYSE:DAC) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Danaos Corporation's stock prices crossed above the 200-day moving average at $84.26, reaching a high of $93.58, with a last traded price of $92.60 on Monday.
• Following a recent earnings report, Danaos reported earnings per share of $6.36, missing estimates by $0.16, although the revenue surpassed consensus expectations at $262.15 million.
• The company announced a quarterly dividend of $0.85 per share, translating into an annualized yield of 3.7%, reflecting a 14.02% payout ratio.

Shares of Danaos Corporation (NYSE:DAC - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $84.26 and traded as high as $93.58. Danaos shares last traded at $92.60, with a volume of 97,323 shares traded.

Analyst Upgrades and Downgrades

DAC has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Danaos from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Jefferies Financial Group restated a "buy" rating and set a $105.00 price objective on shares of Danaos in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $105.00.

Danaos Stock Up 0.0%

The company has a market capitalization of $1.75 billion, a P/E ratio of 3.79 and a beta of 1.42. The company has a debt-to-equity ratio of 0.20, a quick ratio of 5.21 and a current ratio of 5.36. The stock has a 50 day moving average price of $90.79 and a 200 day moving average price of $84.50.

Danaos (NYSE:DAC - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The shipping company reported $6.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.52 by ($0.16). Danaos had a net margin of 44.62% and a return on equity of 13.88%. The firm had revenue of $262.15 million during the quarter, compared to the consensus estimate of $247.26 million. Equities research analysts forecast that Danaos Corporation will post 29.21 earnings per share for the current fiscal year.

Danaos Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Tuesday, August 19th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Tuesday, August 19th. Danaos's payout ratio is currently 14.02%.

Institutional Investors Weigh In On Danaos

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised 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 valued at $30,000 after acquiring an additional 385 shares during the period. Northern Trust Corp raised 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 valued at $405,000 after acquiring an additional 2,569 shares during the period. XTX Topco Ltd raised its stake in Danaos by 119.0% in the 1st quarter. XTX Topco Ltd now owns 20,207 shares of the shipping company's stock valued at $1,577,000 after acquiring an additional 10,981 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its stake in Danaos by 256.2% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 5,200 shares of the shipping company's stock valued at $406,000 after purchasing an additional 3,740 shares in the last quarter. Finally, Bastion Asset Management Inc. purchased a new stake in Danaos in the fourth quarter valued at approximately $3,736,000. 19.01% of the stock is currently owned by institutional investors.

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.