Public Employees Retirement System of Ohio Makes New Investment in Danaos Corporation $DAC

Key Points

• Public Employees Retirement System of Ohio acquired 12,410 Danaos shares worth approximately $1.52 million, while institutional investors collectively own 19.01% of the company.
• Danaos reported quarterly EPS of $7.29, exceeding estimates of $6.80, and revenue of $274.37 million, above the $258.27 million consensus forecast.
• The company pays a quarterly dividend of $0.90, equivalent to $3.60 annually and a 2.3% yield; analysts maintain an overall “Strong Buy” rating.

Public Employees Retirement System of Ohio bought a new position in shares of Danaos Corporation (NYSE:DAC - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 12,410 shares of the shipping company's stock, valued at approximately $1,519,000. Public Employees Retirement System of Ohio owned approximately 0.07% of Danaos at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of DAC. ION Fund Management Ltd bought a new position in Danaos in the 4th quarter worth approximately $39,538,000. Ion Asset Management Ltd. boosted its position in Danaos by 15.5% in the 2nd quarter. Ion Asset Management Ltd. now owns 654,308 shares of the shipping company's stock valued at $56,428,000 after buying an additional 87,614 shares during the last quarter. Millennium Management LLC boosted its position in Danaos by 161.8% in the 3rd quarter. Millennium Management LLC now owns 133,401 shares of the shipping company's stock valued at $11,981,000 after buying an additional 82,450 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Danaos by 117.1% in the 1st quarter. Renaissance Technologies LLC now owns 83,800 shares of the shipping company's stock valued at $9,439,000 after buying an additional 45,200 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of Danaos by 58.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 106,089 shares of the shipping company's stock worth $9,991,000 after acquiring an additional 38,958 shares during the last quarter. 19.01% of the stock is owned by institutional investors.

Danaos Price Performance

DAC opened at $155.13 on Tuesday. The company has a fifty day moving average price of $138.97 and a two-hundred day moving average price of $127.20. The company has a debt-to-equity ratio of 0.29, a quick ratio of 9.15 and a current ratio of 9.30. Danaos Corporation has a 52 week low of $83.56 and a 52 week high of $155.89. The firm has a market capitalization of $2.82 billion, a PE ratio of 5.25 and a beta of 0.87.

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

Danaos Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 30th. Investors of record on Tuesday, July 21st were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Tuesday, July 21st. Danaos's dividend payout ratio is currently 12.18%.

Analyst Upgrades and Downgrades

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

Danaos Company 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.

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