Danaos (NYSE:DAC) Price Target Raised to $105.00 at Jefferies Financial Group

Danaos (NYSE:DAC - Get Free Report) had its target price upped by analysts at Jefferies Financial Group from $100.00 to $105.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the shipping company's stock. Jefferies Financial Group's price target points to a potential upside of 21.17% from the company's current price.

Separately, StockNews.com cut Danaos from a "buy" rating to a "hold" rating in a research report on Wednesday.

Danaos Stock Performance

NYSE DAC traded up $1.04 during mid-day trading on Wednesday, reaching $86.65. 58,215 shares of the stock were exchanged, compared to its average volume of 109,527. The business's 50 day moving average is $78.81 and its 200-day moving average is $79.99. Danaos has a 1 year low of $65.40 and a 1 year high of $98.25. The company has a market capitalization of $1.65 billion, a P/E ratio of 3.34 and a beta of 1.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.78 and a current ratio of 3.93.

Danaos (NYSE:DAC - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $253.31 million for the quarter, compared to analysts' expectations of $242.00 million. Danaos had a return on equity of 16.03% and a net margin of 49.81%. During the same period last year, the company posted $7.15 earnings per share. On average, equities research analysts forecast that Danaos will post 29.21 EPS for the current fiscal year.

Danaos declared that its Board of Directors has authorized a share buyback plan on Monday, April 14th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the shipping company to repurchase up to 6.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC lifted 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 buying an additional 385 shares in the last quarter. Summit Securities Group LLC purchased a new position in Danaos in the 4th quarter valued at about $32,000. New Age Alpha Advisors LLC purchased a new position in Danaos in the 4th quarter valued at about $87,000. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Danaos by 37.7% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company's stock worth $117,000 after buying an additional 400 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Danaos by 340.1% during the fourth quarter. Allworth Financial LP now owns 1,941 shares of the shipping company's stock worth $149,000 after buying an additional 1,500 shares in the last quarter. 19.01% of the stock is owned by hedge funds and other 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.