Millburn Ridgefield LLC DE Purchases New Shares in Danaos Co. (NYSE:DAC)

Millburn Ridgefield LLC DE acquired a new position in shares of Danaos Co. (NYSE:DAC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,757 shares of the shipping company's stock, valued at approximately $293,000.

Other large investors have also made changes to their positions in the company. Ion Asset Management Ltd. grew its position 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 buying an additional 183,050 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Danaos by 18.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 314,787 shares of the shipping company's stock worth $25,205,000 after acquiring an additional 48,155 shares during the period. No Street GP LP grew its holdings 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 worth $20,018,000 after purchasing an additional 25,000 shares in the last quarter. Voloridge Investment Management LLC grew its holdings 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 worth $8,322,000 after purchasing an additional 17,643 shares in the last quarter. Finally, TrueMark Investments LLC increased its position in shares of Danaos by 252.9% during the fourth quarter. TrueMark Investments LLC now owns 65,485 shares of the shipping company's stock valued at $5,243,000 after purchasing an additional 46,930 shares during the period. Institutional investors and hedge funds own 19.01% of the company's stock.

Danaos Price Performance

DAC traded up $1.10 during midday trading on Thursday, reaching $86.80. 79,990 shares of the company's stock were exchanged, compared to its average volume of 104,846. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 3.35 and a beta of 1.38. The company has a quick ratio of 3.78, a current ratio of 3.93 and a debt-to-equity ratio of 0.19. Danaos Co. has a one year low of $65.40 and a one year high of $94.63. The business has a 50-day simple moving average of $81.24 and a two-hundred day simple moving average of $80.21.

Danaos (NYSE:DAC - Get Free Report) last issued its earnings results on Tuesday, May 13th. The shipping company reported $6.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 return on equity of 16.03% and a net margin of 49.81%. During the same period in the previous year, the company posted $7.15 earnings per share. As a group, research analysts predict that Danaos Co. will post 29.21 EPS for the current year.

Danaos announced that its Board of Directors has approved a stock buyback plan on Monday, April 14th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the shipping company to buy up to 6.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Danaos Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, May 27th were paid a dividend of $0.85 per share. The ex-dividend date was Tuesday, May 27th. This represents a $3.40 annualized dividend and a yield of 3.92%. Danaos's dividend payout ratio is currently 13.96%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Wall Street Zen cut Danaos from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Jefferies Financial Group increased their price objective on shares of Danaos from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th.

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.