Malaga Cove Capital LLC Invests $288,000 in Danaos Co. (NYSE:DAC)

Malaga Cove Capital LLC purchased a new stake in Danaos Co. (NYSE:DAC - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,598 shares of the shipping company's stock, valued at approximately $288,000.

Other hedge funds have also recently bought and sold shares of the company. Summit Securities Group LLC bought a new position in Danaos during the fourth quarter worth about $32,000. New Age Alpha Advisors LLC acquired a new stake in Danaos in the fourth quarter worth $87,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Danaos by 37.7% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company's stock worth $117,000 after purchasing an additional 400 shares in the last quarter. Allworth Financial LP increased its position in shares of Danaos by 340.1% in the 4th quarter. Allworth Financial LP now owns 1,941 shares of the shipping company's stock valued at $149,000 after buying an additional 1,500 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its holdings in Danaos by 24.1% during the fourth quarter. Avior Wealth Management LLC now owns 2,321 shares of the shipping company's stock worth $186,000 after acquiring an additional 451 shares in the last quarter. 19.01% of the stock is currently owned by institutional investors and hedge funds.

Danaos Stock Down 1.8%

Shares of NYSE:DAC traded down $1.59 during midday trading on Tuesday, reaching $85.25. The company had a trading volume of 9,335 shares, compared to its average volume of 108,850. The stock has a market cap of $1.62 billion, a PE ratio of 3.30 and a beta of 1.34. Danaos Co. has a 1-year low of $65.40 and a 1-year high of $98.25. The business's 50 day moving average price is $78.93 and its 200 day moving average price is $80.01. The company has a quick ratio of 3.78, a current ratio of 3.93 and a debt-to-equity ratio of 0.19.

Danaos (NYSE:DAC - Get Free Report) last issued its earnings results on Tuesday, May 13th. The shipping company reported $6.04 earnings per share 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 firm had revenue of $253.31 million for the quarter, compared to analyst estimates of $242.00 million. During the same quarter in the previous year, the firm posted $7.15 earnings per share. Research analysts forecast that Danaos Co. will post 29.21 EPS for the current fiscal year.

Danaos announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 14th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the shipping company to buy up to 6.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Danaos Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, May 27th will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $3.40 annualized dividend and a dividend yield of 3.99%. Danaos's dividend payout ratio is currently 13.96%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Jefferies Financial Group raised their target price on shares of Danaos from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. StockNews.com lowered Danaos from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th.

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.