Vident Advisory LLC Raises Position in Danaos Corporation $DAC

Key Points

• Vident Advisory LLC increased its position in Danaos Corporation by 43.6%, owning 20,318 shares worth approximately $1.59 million after acquiring an additional 6,170 shares in the first quarter.
• Despite a reported EPS of $6.36, Danaos Corporation missed earnings expectations by $0.16, while generating revenue of $262.15 million, exceeding analyst forecasts.
• The company announced a quarterly dividend of $0.85 per share, resulting in an annualized yield of 3.7%, with an ex-dividend date of August 19th.

Vident Advisory LLC raised its stake in Danaos Corporation (NYSE:DAC - Free Report) by 43.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,318 shares of the shipping company's stock after acquiring an additional 6,170 shares during the quarter. Vident Advisory LLC owned approximately 0.11% of Danaos worth $1,586,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. No Street GP LP raised its holdings in shares of Danaos by 11.1% in the fourth quarter. No Street GP LP now owns 250,000 shares of the shipping company's stock worth $20,018,000 after acquiring an additional 25,000 shares during the last quarter. Voloridge Investment Management LLC raised 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 acquiring an additional 17,643 shares during the last quarter. Lazard Asset Management LLC grew 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 valued at $3,643,000 after purchasing an additional 12,147 shares during the period. XTX Topco Ltd grew 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 valued at $1,577,000 after purchasing an additional 10,981 shares during the period. Finally, Redhawk Wealth Advisors Inc. grew its position in shares of Danaos by 34.0% in the first quarter. Redhawk Wealth Advisors Inc. now owns 12,409 shares of the shipping company's stock valued at $968,000 after purchasing an additional 3,151 shares during the period. 19.01% of the stock is owned by institutional investors and hedge funds.

Danaos Trading Up 1.1%

DAC stock traded up $1.08 during trading on Friday, reaching $95.02. 55,923 shares of the stock traded hands, compared to its average volume of 66,890. The business's 50 day moving average price is $91.48 and its 200-day moving average price is $84.84. Danaos Corporation has a 52-week low of $65.40 and a 52-week 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 firm has a market capitalization of $1.80 billion, a PE ratio of 3.92 and a beta of 1.28.

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 (EPS) for the quarter, missing analysts' consensus estimates of $6.52 by ($0.16). Danaos had a net margin of 44.62% and a return on equity of 13.88%. The firm had revenue of $262.15 million for the quarter, compared to analysts' expectations of $247.26 million. As a group, sell-side analysts forecast that Danaos Corporation will post 29.21 earnings per share for the current year.

Danaos Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Tuesday, August 19th were given a $0.85 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $3.40 annualized dividend and a dividend yield of 3.6%. Danaos's dividend payout ratio is presently 14.02%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on DAC shares. Jefferies Financial Group reaffirmed a "buy" rating and issued a $105.00 price objective on shares of Danaos in a research report on Tuesday, August 5th. Wall Street Zen downgraded Danaos from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, Danaos presently has a consensus rating of "Buy" and an average price target of $105.00.

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.