Danaos Corporation (NYSE:DAC) Shares Sold by Bastion Asset Management Inc.

Key Points

• Bastion Asset Management Inc. reduced its stake in Danaos Corporation by 45.4% in the 1st quarter, owning 24,908 shares worth approximately $2,015,000 as of its latest SEC filing.
• Danaos announced a $100 million stock buyback plan, allowing the company to repurchase up to 6.8% of its shares, reflecting the board's belief that the stock is undervalued.
• The company recently reported earnings of $6.04 per share, missing estimates, while also declaring a quarterly dividend of $0.85 per share, which yields 3.69% annually.

Bastion Asset Management Inc. cut its position in Danaos Corporation (NYSE:DAC - Free Report) by 45.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,908 shares of the shipping company's stock after selling 20,723 shares during the period. Bastion Asset Management Inc. owned 0.13% of Danaos worth $2,015,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings 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 purchasing an additional 385 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Danaos in the fourth quarter valued at about $32,000. New Age Alpha Advisors LLC purchased a new position in shares of Danaos in the fourth quarter worth about $87,000. Malaga Cove Capital LLC purchased a new position in shares of Danaos in the fourth quarter worth about $288,000. Finally, Millburn Ridgefield LLC DE acquired a new position in shares of Danaos during the 1st quarter worth approximately $293,000. 19.01% of the stock is currently owned by hedge funds and other institutional investors.

Danaos Trading Up 1.0%

DAC stock traded up $0.92 during trading on Monday, reaching $93.16. 57,186 shares of the stock were exchanged, compared to its average volume of 70,176. The company has a current ratio of 4.34, a quick ratio of 4.18 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 3.82 and a beta of 1.36. The business has a 50 day moving average price of $87.13 and a 200-day moving average price of $82.10. Danaos Corporation has a 1 year low of $65.40 and a 1 year high of $93.22.

Danaos (NYSE:DAC - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $253.31 million for the quarter, compared to analysts' expectations of $242.00 million. Danaos had a net margin of 46.33% and a return on equity of 14.66%. During the same period in the previous year, the firm posted $7.15 EPS. On average, research analysts predict that Danaos Corporation will post 29.21 earnings per share for the current year.

Danaos announced that its Board of Directors has initiated a stock repurchase 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 purchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Danaos Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, May 27th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend was Tuesday, May 27th. Danaos's dividend payout ratio is presently 13.96%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on DAC shares. Wall Street Zen lowered Danaos from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Jefferies Financial Group upped their target price on Danaos from $100.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, May 14th.

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.