Invesco Ltd. Has $3.70 Million Stake in Danaos Corporation $DAC

Key Points

• Invesco Ltd. reduced its stake in Danaos Corporation by 20.4% during the first quarter, selling 12,130 shares and holding 47,435 shares worth approximately $3.7 million now.
• Danaos reported $6.36 earnings per share for the most recent quarter, which was below analysts' expectations of $6.52, but generated revenue of $262.15 million compared to the forecast of $247.26 million.
• The company declared a quarterly dividend of $0.85, reflecting an annual yield of 3.7% and a payout ratio of 14.02%.

Invesco Ltd. reduced its holdings in shares of Danaos Corporation (NYSE:DAC - Free Report) by 20.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 47,435 shares of the shipping company's stock after selling 12,130 shares during the period. Invesco Ltd. owned about 0.25% of Danaos worth $3,701,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. No Street GP LP boosted its position in shares of Danaos by 11.1% during the 4th 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 in the last quarter. Voloridge Investment Management LLC boosted its position in shares of Danaos by 20.4% during the 4th quarter. Voloridge Investment Management LLC now owns 103,937 shares of the shipping company's stock valued at $8,322,000 after acquiring an additional 17,643 shares in the last quarter. Bastion Asset Management Inc. acquired a new stake in shares of Danaos during the 4th quarter valued at about $3,736,000. Lazard Asset Management LLC boosted its position in shares of Danaos by 36.4% during the 4th quarter. Lazard Asset Management LLC now owns 45,504 shares of the shipping company's stock valued at $3,643,000 after acquiring an additional 12,147 shares in the last quarter. Finally, XTX Topco Ltd boosted its position in shares of Danaos by 119.0% during the 1st quarter. XTX Topco Ltd now owns 20,207 shares of the shipping company's stock valued at $1,577,000 after acquiring an additional 10,981 shares in the last quarter. 19.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Danaos from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Jefferies Financial Group restated a "buy" rating and issued a $105.00 price target 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 a consensus target price of $105.00.

Danaos Price Performance

Shares of NYSE DAC traded up $0.02 during trading on Friday, reaching $91.97. The company had a trading volume of 62,075 shares, compared to its average volume of 73,478. Danaos Corporation has a 52 week low of $65.40 and a 52 week high of $96.47. The stock has a market cap of $1.75 billion, a PE ratio of 3.62 and a beta of 1.28. The company has a debt-to-equity ratio of 0.20, a quick ratio of 5.21 and a current ratio of 5.36. The business's 50 day moving average price is $90.79 and its 200-day moving average price is $84.52.

Danaos (NYSE:DAC - Get Free Report) last announced its earnings results on Monday, August 4th. The shipping company reported $6.36 earnings per share for the quarter, missing analysts' consensus estimates of $6.52 by ($0.16). The company had revenue of $262.15 million during the quarter, compared to the consensus estimate of $247.26 million. Danaos had a return on equity of 13.88% and a net margin of 44.62%. Analysts expect that Danaos Corporation will post 29.21 earnings per share for the current year.

Danaos Dividend Announcement

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

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.