Acadian Asset Management LLC Cuts Holdings in Danaos Corporation $DAC

Key Points

• Acadian Asset Management LLC has significantly reduced its stake in Danaos Corporation (DAC) by 47.8%, now holding 345,206 shares valued at approximately $26.93 million.
• Several large investors, including Goldman Sachs and No Street GP LP, have increased their holdings in Danaos, reflecting growing confidence in the shipping company's performance.
• Danaos announced a quarterly dividend of $0.85 per share, translating to an annual yield of 3.6% and a low dividend payout ratio of 14.02%.

Acadian Asset Management LLC reduced its stake in Danaos Corporation (NYSE:DAC - Free Report) by 47.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 345,206 shares of the shipping company's stock after selling 315,804 shares during the quarter. Acadian Asset Management LLC owned approximately 1.82% of Danaos worth $26,927,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Goldman Sachs Group Inc. raised its holdings in Danaos by 183.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 46,215 shares of the shipping company's stock worth $3,606,000 after purchasing an additional 29,921 shares during the period. PDT Partners LLC grew its position in shares of Danaos by 33.1% during the first quarter. PDT Partners LLC now owns 10,640 shares of the shipping company's stock valued at $830,000 after purchasing an additional 2,644 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Danaos during the first quarter valued at about $223,000. Corsair Capital Management L.P. purchased a new position in shares of Danaos during the first quarter valued at about $390,000. Finally, Vident Advisory LLC grew its position in shares of Danaos by 43.6% during the first quarter. Vident Advisory LLC now owns 20,318 shares of the shipping company's stock valued at $1,586,000 after purchasing an additional 6,170 shares in the last quarter. 19.01% of the stock is owned by institutional investors.

Danaos Trading Down 0.1%

NYSE DAC traded down $0.12 during trading on Friday, hitting $94.68. The stock had a trading volume of 58,721 shares, compared to its average volume of 70,086. 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 market capitalization of $1.80 billion, a price-to-earnings ratio of 3.90 and a beta of 1.28. Danaos Corporation has a one year low of $65.40 and a one year high of $96.47. The stock has a 50 day simple moving average of $92.31 and a 200 day simple moving average of $85.25.

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 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%. Sell-side analysts predict that Danaos Corporation will post 29.21 earnings per share for the current year.

Danaos Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Tuesday, August 19th were paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Danaos's payout ratio is currently 14.02%.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group restated a "buy" rating and set a $105.00 price objective on shares of Danaos in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $105.00.

Danaos 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.