Redhawk Wealth Advisors Inc. Raises Stake in Danaos Co. (NYSE:DAC)

Redhawk Wealth Advisors Inc. boosted its holdings in Danaos Co. (NYSE:DAC - Free Report) by 34.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,409 shares of the shipping company's stock after buying an additional 3,151 shares during the period. Redhawk Wealth Advisors Inc. owned approximately 0.07% of Danaos worth $968,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Advisory Research Inc. lifted its stake in shares of Danaos by 0.9% during the 4th quarter. Advisory Research Inc. now owns 23,116 shares of the shipping company's stock worth $1,851,000 after buying an additional 207 shares during the last quarter. GAMMA Investing LLC boosted its stake 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 last quarter. Summit Securities Group LLC bought a new position in Danaos during the fourth quarter worth $32,000. LPL Financial LLC raised its holdings in Danaos by 19.0% during the fourth quarter. LPL Financial LLC now owns 3,995 shares of the shipping company's stock worth $320,000 after buying an additional 637 shares during the last quarter. Finally, PFG Advisors raised its holdings in shares of Danaos by 12.5% in the fourth quarter. PFG Advisors now owns 5,856 shares of the shipping company's stock valued at $469,000 after purchasing an additional 651 shares during the last quarter. 19.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented 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 boosted their price objective on shares of Danaos from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th.

Danaos Stock Performance

Shares of NYSE:DAC traded up $1.10 during trading on Thursday, hitting $86.80. The company's stock had a trading volume of 79,990 shares, compared to its average volume of 104,846. The company has a 50-day moving average of $80.89 and a 200-day moving average of $80.17. Danaos Co. has a 12 month low of $65.40 and a 12 month high of $94.63. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.93 and a quick ratio of 3.78. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 3.35 and a beta of 1.38.

Danaos (NYSE:DAC - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $242.00 million. Danaos had a net margin of 49.81% and a return on equity of 16.03%. During the same period last year, the business earned $7.15 earnings per share. On average, sell-side analysts expect that Danaos Co. will post 29.21 earnings per share for the current year.

Danaos announced that its board has approved a share buyback program on Monday, April 14th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the shipping company to buy up to 6.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Danaos Announces Dividend

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

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.