Danaos Corporation $DAC Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Danaos stake by 51.4% in the first quarter, selling 17,106 shares and retaining 16,194 shares valued at approximately $1.82 million.
• Other institutional investors increased their positions, while analysts maintained a bullish outlook: three analysts rated Danaos a “Strong Buy,” and recent upgrades came from Freedom Capital and Weiss Ratings.
• Danaos reported quarterly earnings of $7.29 per share, exceeding estimates, while revenue also topped forecasts. The company paid a $0.90 quarterly dividend, equivalent to a 2.4% annualized yield.

Bank of America Corp DE lessened its position in Danaos Corporation (NYSE:DAC - Free Report) by 51.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,194 shares of the shipping company's stock after selling 17,106 shares during the quarter. Bank of America Corp DE owned approximately 0.09% of Danaos worth $1,824,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. ION Fund Management Ltd purchased a new position in Danaos during the 4th quarter valued at about $39,538,000. Ion Asset Management Ltd. boosted its stake in shares of Danaos by 15.5% in the second quarter. Ion Asset Management Ltd. now owns 654,308 shares of the shipping company's stock valued at $56,428,000 after purchasing an additional 87,614 shares during the period. Millennium Management LLC grew its holdings in shares of Danaos by 161.8% in the third quarter. Millennium Management LLC now owns 133,401 shares of the shipping company's stock valued at $11,981,000 after purchasing an additional 82,450 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Danaos by 117.1% in the first quarter. Renaissance Technologies LLC now owns 83,800 shares of the shipping company's stock valued at $9,439,000 after purchasing an additional 45,200 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Danaos by 58.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 106,089 shares of the shipping company's stock valued at $9,991,000 after purchasing an additional 38,958 shares in the last quarter. Institutional investors and hedge funds own 19.01% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on DAC shares. Freedom Capital upgraded shares of Danaos from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. Weiss Ratings upgraded shares of Danaos from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Tuesday, July 28th. Three research analysts have rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the company has an average rating of "Strong Buy".

Danaos Stock Performance

Shares of DAC opened at $153.07 on Thursday. Danaos Corporation has a 1 year low of $83.56 and a 1 year high of $153.49. The stock has a market capitalization of $2.79 billion, a PE ratio of 5.18 and a beta of 0.87. The company has a debt-to-equity ratio of 0.29, a quick ratio of 9.15 and a current ratio of 9.30. The stock has a 50-day simple moving average of $137.10 and a 200-day simple moving average of $126.21.

Danaos (NYSE:DAC - Get Free Report) last released its earnings results on Monday, August 3rd. The shipping company reported $7.29 earnings per share for the quarter, topping analysts' consensus estimates of $6.80 by $0.49. The firm had revenue of $274.37 million for the quarter, compared to analyst estimates of $258.27 million. Danaos had a net margin of 51.26% and a return on equity of 13.20%.

Danaos Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 30th. Shareholders of record on Tuesday, July 21st were given a $0.90 dividend. The ex-dividend date of this dividend was Tuesday, July 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.4%. Danaos's dividend payout ratio is currently 12.18%.

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.

Want to see what other hedge funds are holding DAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Danaos Corporation (NYSE:DAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source