Jefferies Financial Group Issues Positive Forecast for Danaos (NYSE:DAC) Stock Price

Danaos (NYSE:DAC - Get Free Report) had its price target raised by equities researchers at Jefferies Financial Group from $100.00 to $105.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the shipping company's stock. Jefferies Financial Group's price objective would suggest a potential upside of 21.02% from the company's previous close.

Separately, StockNews.com lowered shares of Danaos from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th.

Danaos Stock Up 0.2%

Shares of Danaos stock traded up $0.19 during trading hours on Wednesday, reaching $86.76. The company's stock had a trading volume of 21,540 shares, compared to its average volume of 100,354. Danaos has a one year low of $65.40 and a one year high of $98.25. The stock's fifty day simple moving average is $78.81 and its two-hundred day simple moving average is $79.98. The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.78 and a current ratio of 3.93. The company has a market capitalization of $1.65 billion, a P/E ratio of 3.35 and a beta of 1.34.

Danaos (NYSE:DAC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The shipping company reported $6.04 EPS for the quarter, missing the consensus estimate of $6.33 by ($0.29). The company had revenue of $253.31 million during the quarter, compared to the consensus estimate of $242.00 million. Danaos had a return on equity of 16.03% and a net margin of 49.81%. During the same period in the prior year, the firm posted $7.15 EPS. On average, research analysts forecast that Danaos will post 29.21 earnings per share for the current year.

Danaos declared that its board has approved a stock buyback plan on Monday, April 14th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the shipping company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Danaos

Institutional investors and hedge funds have recently made changes to their positions in the business. Ion Asset Management Ltd. raised its stake in shares of Danaos by 47.8% during the fourth quarter. Ion Asset Management Ltd. now owns 566,050 shares of the shipping company's stock valued at $45,324,000 after acquiring an additional 183,050 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Danaos by 18.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 314,787 shares of the shipping company's stock valued at $25,205,000 after purchasing an additional 48,155 shares in the last quarter. No Street GP LP boosted its stake in shares of Danaos by 11.1% during the 4th quarter. No Street GP LP now owns 250,000 shares of the shipping company's stock valued at $20,018,000 after purchasing an additional 25,000 shares in the last quarter. Voloridge Investment Management LLC boosted its stake in shares of Danaos by 20.4% during the 4th quarter. Voloridge Investment Management LLC now owns 103,937 shares of the shipping company's stock valued at $8,322,000 after purchasing an additional 17,643 shares in the last quarter. Finally, TrueMark Investments LLC boosted its stake in shares of Danaos by 252.9% during the 4th quarter. TrueMark Investments LLC now owns 65,485 shares of the shipping company's stock valued at $5,243,000 after purchasing an additional 46,930 shares in the last quarter. Institutional investors own 19.01% of the company's stock.

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.