Danaos Corporation $DAC Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. reduced its holdings in Danaos Corporation by 45.4% during the first quarter, bringing their total shares owned down to 9,202, valued at $718,000.
• Danaos Corporation reported earnings of $6.36 per share for the last quarter, missing analyst estimates, while also announcing a quarterly dividend of $0.85, translating to a yield of 3.7%.
• Analyst ratings for Danaos reflect a mix of opinions, with Jefferies Financial Group maintaining a "buy" rating and a price target of $105.00, while Wall Street Zen downgraded the stock from "buy" to "hold."

Russell Investments Group Ltd. cut its holdings in Danaos Corporation (NYSE:DAC - Free Report) by 45.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,202 shares of the shipping company's stock after selling 7,637 shares during the period. Russell Investments Group Ltd.'s holdings in Danaos were worth $718,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in DAC. Bastion Asset Management Inc. bought a new position in shares of Danaos during the fourth quarter worth $3,736,000. No Street GP LP grew its position in shares of Danaos by 11.1% during the fourth quarter. No Street GP LP now owns 250,000 shares of the shipping company's stock valued at $20,018,000 after purchasing an additional 25,000 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in shares of Danaos by 20.4% in the fourth 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 during the last quarter. Lazard Asset Management LLC lifted its position in shares of Danaos by 36.4% in the fourth quarter. Lazard Asset Management LLC now owns 45,504 shares of the shipping company's stock worth $3,643,000 after buying an additional 12,147 shares in the last quarter. Finally, XTX Topco Ltd lifted its position in shares of Danaos by 119.0% in the first quarter. XTX Topco Ltd now owns 20,207 shares of the shipping company's stock worth $1,577,000 after buying an additional 10,981 shares in the last quarter. 19.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DAC has been the topic of a number of research reports. Jefferies Financial Group reaffirmed a "buy" rating and issued a $105.00 price objective on shares of Danaos in a research note on Tuesday, August 5th. Wall Street Zen lowered shares of Danaos from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Danaos has a consensus rating of "Buy" and a consensus target price of $105.00.

Danaos Trading Down 0.9%

Shares of DAC traded down $0.86 during mid-day trading on Thursday, reaching $93.82. 96,383 shares of the company's stock traded hands, compared to its average volume of 64,852. Danaos Corporation has a 12 month low of $65.40 and a 12 month high of $96.47. The company has a debt-to-equity ratio of 0.20, a current ratio of 5.36 and a quick ratio of 5.21. The stock has a market cap of $1.78 billion, a P/E ratio of 3.87 and a beta of 1.28. The stock's 50-day moving average is $91.33 and its two-hundred day moving average is $84.77.

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

Danaos Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Tuesday, August 19th were paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, August 19th. Danaos's payout ratio is 14.02%.

Danaos Company 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.