Harel Insurance Investments & Financial Services Ltd. Acquires 3,740 Shares of Danaos Corporation (NYSE:DAC)

Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Danaos Corporation (NYSE:DAC - Free Report) by 256.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,200 shares of the shipping company's stock after purchasing an additional 3,740 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.'s holdings in Danaos were worth $406,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. GAMMA Investing LLC grew its position in shares of Danaos by 7,700.0% in the 1st quarter. GAMMA Investing LLC now owns 390 shares of the shipping company's stock valued at $30,000 after purchasing an additional 385 shares during the period. Summit Securities Group LLC acquired a new position in shares of Danaos in the 4th quarter valued at approximately $32,000. New Age Alpha Advisors LLC acquired a new position in shares of Danaos in the 4th quarter valued at approximately $87,000. Malaga Cove Capital LLC acquired a new position in shares of Danaos in the 4th quarter valued at approximately $288,000. Finally, Millburn Ridgefield LLC DE acquired a new position in shares of Danaos in the 1st quarter valued at approximately $293,000. 19.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on DAC shares. Wall Street Zen lowered Danaos from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Jefferies Financial Group upped their price target on Danaos from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th.

Danaos Stock Up 0.1%

NYSE:DAC traded up $0.10 during trading hours on Tuesday, reaching $89.37. 108,537 shares of the stock were exchanged, compared to its average volume of 104,827. Danaos Corporation has a twelve month low of $65.40 and a twelve month high of $90.95. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.34 and a quick ratio of 4.18. The firm has a 50 day moving average of $85.52 and a 200 day moving average of $81.19. The stock has a market cap of $1.70 billion, a PE ratio of 3.67 and a beta of 1.36.

Danaos (NYSE:DAC - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The shipping company reported $6.04 EPS for the quarter, missing the consensus estimate of $6.33 by ($0.29). The company had revenue of $253.31 million during the quarter, compared to analyst estimates of $242.00 million. Danaos had a net margin of 46.33% and a return on equity of 14.66%. During the same period in the previous year, the company posted $7.15 EPS. On average, equities analysts expect that Danaos Corporation will post 29.21 earnings per share for the current year.

Danaos Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, May 27th were issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend was Tuesday, May 27th. Danaos's payout ratio is presently 13.96%.

Danaos announced that its board has approved a stock repurchase plan on Monday, April 14th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the shipping company to reacquire up to 6.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

About Danaos

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.