Counterpoint Mutual Funds LLC Buys New Position in Danaos Corporation $DAC

Key Points

• Counterpoint Mutual Funds LLC purchased a new position in Danaos Corporation, acquiring 4,636 shares valued at approximately $400,000 in the second quarter.
• Danaos Corporation reported earnings of $6.36 per share for the last quarter, missing expectations, though revenue was above estimates at $262.15 million.
• The company declared a quarterly dividend of $0.85, representing a yield of 3.7%, with an annualized dividend payout of $3.40.

Counterpoint Mutual Funds LLC bought a new position in Danaos Corporation (NYSE:DAC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,636 shares of the shipping company's stock, valued at approximately $400,000.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of Danaos by 7,700.0% during the 1st quarter. GAMMA Investing LLC now owns 390 shares of the shipping company's stock worth $30,000 after buying an additional 385 shares during the period. Cubist Systematic Strategies LLC bought a new position in Danaos during the first quarter worth $223,000. Millburn Ridgefield LLC DE acquired a new stake in Danaos in the first quarter worth $293,000. National Bank of Canada FI raised its holdings in shares of Danaos by 3.2% during 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 during the period. Finally, Virtu Financial LLC bought a new position in shares of Danaos during the 1st quarter worth about $335,000. 19.01% of the stock is owned by institutional investors and hedge funds.

Danaos Stock Up 0.4%

Shares of NYSE DAC opened at $93.06 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 5.36 and a quick ratio of 5.21. The company has a 50-day moving average price of $93.00 and a 200-day moving average price of $85.99. The stock has a market capitalization of $1.77 billion, a P/E ratio of 3.84 and a beta of 1.28. Danaos Corporation has a 1 year low of $65.40 and a 1 year high of $96.47.

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 for the quarter, missing the consensus estimate of $6.52 by ($0.16). The business had revenue of $262.15 million during the quarter, compared to the consensus estimate of $247.26 million. Danaos had a net margin of 44.62% and a return on equity of 13.88%. On average, equities research analysts forecast that Danaos Corporation will post 29.21 EPS for the current fiscal year.

Danaos Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Tuesday, August 19th were given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, August 19th. Danaos's dividend payout ratio is presently 14.02%.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group reaffirmed a "buy" rating and issued a $105.00 target price on shares of Danaos in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price 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.

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