Inspire Advisors LLC Purchases 8,632 Shares of Danaos Corporation (NYSE:DAC)

Key Points

• Inspire Advisors LLC recently increased its stake in Danaos Corporation (DAC) by 262.3%, owning a total of 11,923 shares valued at approximately $930,000.
• Danaos reported earnings of $6.04 per share for the most recent quarter, missing expectations of $6.33, although revenue of $253.31 million surpassed analyst forecasts.
• The company declared a quarterly dividend of $0.85 per share, representing an annualized yield of 3.69% and a dividend payout ratio of 13.96%.

Inspire Advisors LLC boosted its position in shares of Danaos Corporation (NYSE:DAC - Free Report) by 262.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,923 shares of the shipping company's stock after acquiring an additional 8,632 shares during the period. Inspire Advisors LLC owned 0.06% of Danaos worth $930,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in DAC. Ion Asset Management Ltd. lifted its stake in Danaos by 47.8% during the fourth quarter. Ion Asset Management Ltd. now owns 566,050 shares of the shipping company's stock worth $45,324,000 after purchasing an additional 183,050 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Danaos by 18.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 314,787 shares of the shipping company's stock valued at $25,205,000 after acquiring an additional 48,155 shares during the period. Bastion Asset Management Inc. bought a new stake in Danaos in the fourth quarter valued at $3,736,000. No Street GP LP grew its position in Danaos by 11.1% in the fourth quarter. No Street GP LP now owns 250,000 shares of the shipping company's stock valued at $20,018,000 after acquiring an additional 25,000 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Danaos by 71.8% in the fourth quarter. JPMorgan Chase & Co. now owns 51,291 shares of the shipping company's stock valued at $4,107,000 after acquiring an additional 21,430 shares during the period. Institutional investors and hedge funds own 19.01% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Jefferies Financial Group upped their price objective on shares of Danaos from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Wall Street Zen lowered shares of Danaos from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th.

Danaos Trading Down 0.8%

NYSE DAC traded down $0.77 during trading hours on Wednesday, hitting $93.21. The company's stock had a trading volume of 23,702 shares, compared to its average volume of 95,367. The stock has a fifty day moving average of $87.44 and a 200 day moving average of $82.29. The company has a quick ratio of 4.18, a current ratio of 4.34 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $1.77 billion, a P/E ratio of 3.83 and a beta of 1.36. Danaos Corporation has a twelve month low of $65.40 and a twelve month high of $94.00.

Danaos (NYSE:DAC - Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The shipping company reported $6.04 earnings per share for the quarter, missing analysts' consensus estimates of $6.33 by ($0.29). The firm had revenue of $253.31 million for the quarter, compared to the consensus estimate of $242.00 million. Danaos had a return on equity of 14.66% and a net margin of 46.33%. During the same period in the prior year, the business earned $7.15 earnings per share. Equities research analysts forecast that Danaos Corporation will post 29.21 earnings per share for the current fiscal year.

Danaos Dividend Announcement

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

Danaos declared that its Board of Directors has authorized a share repurchase program on Monday, April 14th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the shipping company to repurchase up to 6.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

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.