Danaos (NYSE:DAC) Stock Price Passes Above 200 Day Moving Average - Should You Sell?

Key Points

• Danaos Corporation's stock price has crossed above its two hundred day moving average, trading at $89.38, which indicates potential upward momentum.
• Analysts have given Danaos a consensus rating of "Buy" with a target price of $105.00, reflecting positive expectations for the company's performance.
• The company recently declared a quarterly dividend of $0.85 per share, yielding 3.8%, highlighting its commitment to returning value to shareholders.

Danaos Corporation (NYSE:DAC - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $86.41 and traded as high as $90.18. Danaos shares last traded at $89.38, with a volume of 76,147 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group restated a "buy" rating and set a $105.00 target price on shares of Danaos in a research report on Tuesday, August 5th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Danaos presently has a consensus rating of "Buy" and a consensus target price of $105.00.

Danaos Trading Down 0.5%

The firm has a fifty day simple moving average of $93.12 and a 200-day simple moving average of $86.41. The firm has a market cap of $1.70 billion, a P/E ratio of 3.69 and a beta of 1.45. 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 announced its quarterly earnings results on Monday, August 4th. The shipping company reported $6.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.52 by ($0.16). The firm had revenue of $262.15 million during the quarter, compared to the consensus estimate of $247.26 million. Danaos had a return on equity of 13.88% and a net margin of 44.62%. On average, equities research analysts expect that Danaos Corporation will post 29.21 earnings per share for the current year.

Danaos Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Tuesday, August 19th were issued a $0.85 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $3.40 annualized dividend and a yield of 3.8%. Danaos's dividend payout ratio is presently 14.02%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of Danaos by 7,700.0% in the first quarter. GAMMA Investing LLC now owns 390 shares of the shipping company's stock worth $30,000 after purchasing an additional 385 shares during the last quarter. Assetmark Inc. raised its stake in shares of Danaos by 15,500.0% in the second quarter. Assetmark Inc. now owns 468 shares of the shipping company's stock worth $40,000 after purchasing an additional 465 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Danaos in the second quarter worth approximately $64,000. Tower Research Capital LLC TRC purchased a new stake in shares of Danaos in the second quarter worth approximately $67,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in shares of Danaos in the second quarter worth approximately $107,000. 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.

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