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

Key Points

• Danaos Corporation shares have recently surpassed their 200-day moving average, indicating positive momentum in the stock's performance.
• Analysts maintain a generally favorable outlook on Danaos, with an average price target of $105.00 and several firms reiterating a "buy" rating.
• The company declared a $0.85 quarterly dividend, translating to an annualized yield of 3.9% and a payout ratio of 14.02%.

Danaos Corporation (NYSE:DAC - Get Free Report) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $86.90 and traded as high as $87.27. Danaos shares last traded at $86.69, with a volume of 35,584 shares changing hands.

Analyst Ratings Changes

Several brokerages have recently commented on DAC. Jefferies Financial Group restated a "buy" rating and set a $105.00 price target on shares of Danaos in a research note on Tuesday, August 5th. Weiss Ratings reissued a "buy (b)" rating on shares of Danaos in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Danaos presently has an average rating of "Buy" and an average price target of $105.00.

Danaos Stock Up 0.7%

The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 3.57 and a beta of 1.45. The business has a fifty day moving average of $91.54 and a 200 day moving average of $86.90. The company has a debt-to-equity ratio of 0.20, a current ratio of 5.36 and a quick ratio of 5.21.

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

Danaos Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Tuesday, August 19th were given a dividend of $0.85 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.9%. Danaos's dividend payout ratio is currently 14.02%.

Hedge Funds Weigh In On Danaos

Several large investors have recently bought and sold shares of DAC. GAMMA Investing LLC increased its holdings in Danaos by 7,700.0% in the first quarter. GAMMA Investing LLC now owns 390 shares of the shipping company's stock valued at $30,000 after buying an additional 385 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Danaos by 7.9% during the 1st quarter. Blue Trust Inc. now owns 5,756 shares of the shipping company's stock valued at $449,000 after acquiring an additional 421 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Danaos by 256.2% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 5,200 shares of the shipping company's stock worth $406,000 after purchasing an additional 3,740 shares during the last quarter. PFG Advisors raised its position in shares of Danaos by 4.8% during the 1st quarter. PFG Advisors now owns 6,135 shares of the shipping company's stock worth $479,000 after purchasing an additional 279 shares during the last quarter. Finally, Inspire Advisors LLC raised its holdings in Danaos by 262.3% in the 1st quarter. Inspire Advisors LLC now owns 11,923 shares of the shipping company's stock valued at $930,000 after acquiring an additional 8,632 shares during the last quarter. Hedge funds and other institutional investors 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.

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