Two Sigma Investments LP Sells 74,797 Shares of Danaos Co. (NYSE:DAC)

Two Sigma Investments LP cut its holdings in Danaos Co. (NYSE:DAC - Free Report) by 66.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,131 shares of the shipping company's stock after selling 74,797 shares during the period. Two Sigma Investments LP owned about 0.19% of Danaos worth $2,973,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Northern Trust Corp grew its holdings in shares of Danaos by 103.1% in the fourth quarter. Northern Trust Corp now owns 5,060 shares of the shipping company's stock valued at $405,000 after acquiring an additional 2,569 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Danaos by 340.1% in the fourth quarter. Allworth Financial LP now owns 1,941 shares of the shipping company's stock valued at $149,000 after acquiring an additional 1,500 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Danaos by 71.8% in the fourth quarter. JPMorgan Chase & Co. now owns 51,291 shares of the shipping company's stock valued at $4,107,000 after acquiring an additional 21,430 shares in the last quarter. Sei Investments Co. grew its holdings in Danaos by 12.8% during the fourth quarter. Sei Investments Co. now owns 32,629 shares of the shipping company's stock valued at $2,613,000 after purchasing an additional 3,696 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in Danaos by 31.5% during the fourth quarter. Wells Fargo & Company MN now owns 28,382 shares of the shipping company's stock valued at $2,273,000 after purchasing an additional 6,804 shares during the period. 19.01% of the stock is owned by institutional investors.

Danaos Stock Performance

NYSE DAC traded up $0.81 on Wednesday, hitting $85.02. 58,614 shares of the stock traded hands, compared to its average volume of 105,498. The business's fifty day moving average is $79.89 and its two-hundred day moving average is $80.16. Danaos Co. has a 12 month low of $65.40 and a 12 month high of $97.46. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 3.28 and a beta of 1.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.78 and a current ratio of 3.93.

Danaos (NYSE:DAC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The shipping company reported $6.04 EPS for the quarter, missing analysts' consensus estimates of $6.33 by ($0.29). Danaos had a return on equity of 16.03% and a net margin of 49.81%. The company had revenue of $253.31 million during the quarter, compared to the consensus estimate of $242.00 million. During the same period in the previous year, the business earned $7.15 earnings per share. As a group, equities analysts anticipate that Danaos Co. will post 29.21 EPS for the current fiscal year.

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

Danaos Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, May 27th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend is Tuesday, May 27th. Danaos's payout ratio is currently 13.96%.

Analyst Ratings Changes

DAC has been the subject of several research reports. Jefferies Financial Group increased their price objective on Danaos from $100.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Wall Street Zen lowered Danaos from a "buy" rating to a "hold" rating in a report 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.