Blue Trust Inc. Cuts Stock Position in Danaos Corporation $DAC

Key Points

• Blue Trust Inc. significantly reduced its stake in Danaos Corporation by 88.7%, ending up with just 648 shares valued at $56,000 after selling 5,108 shares in the second quarter.
• In contrast, several other institutional investors increased their holdings in Danaos, including PDT Partners LLC, which raised its position by 33.1%.
• Analysts remain optimistic, with Jefferies Financial Group maintaining a "buy" rating on Danaos and a price target of $105.00 per share.

Blue Trust Inc. cut its holdings in Danaos Corporation (NYSE:DAC - Free Report) by 88.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 648 shares of the shipping company's stock after selling 5,108 shares during the quarter. Blue Trust Inc.'s holdings in Danaos were worth $56,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. National Bank of Canada FI grew its holdings in shares of Danaos by 3.2% in the first quarter. National Bank of Canada FI now owns 3,914 shares of the shipping company's stock valued at $305,000 after purchasing an additional 120 shares in the last quarter. Redhawk Wealth Advisors Inc. increased its position in Danaos by 1.5% during the second quarter. Redhawk Wealth Advisors Inc. now owns 12,594 shares of the shipping company's stock valued at $1,086,000 after acquiring an additional 185 shares during the last quarter. PFG Advisors increased its position in Danaos by 4.8% during the first quarter. PFG Advisors now owns 6,135 shares of the shipping company's stock valued at $479,000 after acquiring an additional 279 shares during the last quarter. GAMMA Investing LLC increased its position in Danaos by 7,700.0% during the first quarter. GAMMA Investing LLC now owns 390 shares of the shipping company's stock valued at $30,000 after acquiring an additional 385 shares during the last quarter. Finally, PDT Partners LLC increased its position in 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 acquiring an additional 2,644 shares during the last quarter. 19.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DAC has been the topic of a number of analyst reports. Jefferies Financial Group reiterated a "buy" rating and set a $105.00 price objective on shares of Danaos in a research report on Tuesday, August 5th. Weiss Ratings reiterated a "buy (b)" rating on shares of Danaos in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $105.00.

Danaos Trading Up 0.7%

NYSE DAC opened at $86.69 on Friday. The company's 50-day moving average price is $91.54 and its 200-day moving average price is $86.95. The company has a current ratio of 5.36, a quick ratio of 5.21 and a debt-to-equity ratio of 0.20. The stock has a market cap of $1.65 billion, a PE ratio of 3.57 and a beta of 1.45. Danaos Corporation has a 12 month low of $65.40 and a 12 month high of $96.47.

Danaos (NYSE:DAC - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The shipping company reported $6.36 EPS for the quarter, missing analysts' consensus estimates of $6.52 by ($0.16). The company 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%. Equities research analysts forecast that Danaos Corporation will post 29.21 earnings per share for the current year.

Danaos Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Tuesday, August 19th were paid a $0.85 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.9%. Danaos's dividend payout ratio is 14.02%.

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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