Danaos Corporation $DAC Position Boosted by Renaissance Technologies LLC

Key Points

• Renaissance Technologies more than doubled its Danaos stake by 117.1% in the first quarter, acquiring 45,200 additional shares and bringing its holdings to 83,800 shares worth approximately $9.4 million.
• Danaos reported stronger-than-expected quarterly results, with EPS of $6.72 versus the $5.86 consensus estimate and revenue of $253.7 million. The company also pays a quarterly dividend of $0.90, representing a 2.5% yield.
• Shares opened at $141.29, near their 52-week high, while analysts maintained an overall “Buy” rating; however, the average price target of $105 is below the current share price.

Renaissance Technologies LLC raised its stake in Danaos Corporation (NYSE:DAC - Free Report) by 117.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 83,800 shares of the shipping company's stock after buying an additional 45,200 shares during the quarter. Renaissance Technologies LLC owned 0.46% of Danaos worth $9,439,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kestra Advisory Services LLC acquired a new stake in Danaos in the fourth quarter valued at approximately $43,000. Ascentis Independent Advisors bought a new stake in shares of Danaos in the first quarter valued at approximately $56,000. Raymond James Financial Inc. acquired a new stake in Danaos in the 2nd quarter worth $64,000. Tower Research Capital LLC TRC bought a new position in Danaos during the second quarter valued at about $67,000. Finally, Farther Finance Advisors LLC increased its position in shares of Danaos by 165.0% during the fourth quarter. Farther Finance Advisors LLC now owns 779 shares of the shipping company's stock valued at $73,000 after purchasing an additional 485 shares during the period. 19.01% of the stock is owned by hedge funds and other institutional investors.

Danaos Trading Down 0.2%

DAC stock opened at $141.29 on Monday. Danaos Corporation has a one year low of $83.56 and a one year high of $143.48. The company has a fifty day moving average price of $129.30 and a two-hundred day moving average price of $119.19. The company has a debt-to-equity ratio of 0.26, a current ratio of 8.66 and a quick ratio of 8.40. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of 4.98 and a beta of 0.89.

Danaos (NYSE:DAC - Get Free Report) last announced its earnings results on Monday, May 11th. The shipping company reported $6.72 EPS for the quarter, topping the consensus estimate of $5.86 by $0.86. Danaos had a net margin of 49.85% and a return on equity of 13.18%. The company had revenue of $253.70 million for the quarter, compared to analysts' expectations of $242.20 million.

Danaos Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 30th. Investors of record on Tuesday, July 21st were paid a $0.90 dividend. The ex-dividend date of this dividend was Tuesday, July 21st. This represents a $3.60 annualized dividend and a dividend yield of 2.5%. Danaos's payout ratio is currently 12.70%.

Wall Street Analyst Weigh In

Several research firms recently commented on DAC. Weiss Ratings upgraded Danaos from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday, July 28th. Fearnley Fonds upgraded shares of Danaos from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Danaos currently has an average rating of "Buy" and an average target price of $105.00.

Danaos Profile

Danaos Corporation is a leading independent owner and manager of containerships, specializing in long-term charters of modern vessels to major liner companies worldwide. The company's core services include vessel acquisition and sale, technical and crew management, and commercial chartering, all aimed at supporting global containerized trade. Danaos leverages its in-house expertise in operations, maintenance and regulatory compliance to ensure reliable and efficient fleet performance.

Founded in 1972 by Dr.

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