Malaga Cove Capital LLC Buys Shares of 3,598 Danaos Co. (NYSE:DAC)

Malaga Cove Capital LLC acquired a new position in Danaos Co. (NYSE:DAC - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,598 shares of the shipping company's stock, valued at approximately $288,000.

A number of other hedge funds also recently added to or reduced their stakes in DAC. DGS Capital Management LLC lifted its holdings in shares of Danaos by 71.6% in the 4th quarter. DGS Capital Management LLC now owns 23,945 shares of the shipping company's stock valued at $1,917,000 after acquiring an additional 9,994 shares during the last quarter. Allworth Financial LP increased its position in shares of Danaos by 340.1% during the fourth quarter. Allworth Financial LP now owns 1,941 shares of the shipping company's stock worth $149,000 after acquiring an additional 1,500 shares during the period. JPMorgan Chase & Co. increased its position in shares of Danaos by 71.8% during the fourth quarter. JPMorgan Chase & Co. now owns 51,291 shares of the shipping company's stock worth $4,107,000 after acquiring an additional 21,430 shares during the period. Sei Investments Co. increased its position in shares of Danaos by 12.8% during the fourth quarter. Sei Investments Co. now owns 32,629 shares of the shipping company's stock worth $2,613,000 after acquiring an additional 3,696 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of Danaos by 31.5% during the fourth quarter. Wells Fargo & Company MN now owns 28,382 shares of the shipping company's stock worth $2,273,000 after acquiring an additional 6,804 shares during the period. 19.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on DAC. 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 research report on Wednesday. StockNews.com lowered shares of Danaos from a "buy" rating to a "hold" rating in a report on Wednesday.

Danaos Stock Up 1.2%

DAC stock traded up $1.04 during trading on Friday, hitting $86.65. 58,215 shares of the company's stock traded hands, compared to its average volume of 109,490. The firm has a market capitalization of $1.65 billion, a P/E ratio of 3.34 and a beta of 1.34. The business has a fifty day simple moving average of $78.81 and a two-hundred day simple moving average of $79.99. 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 Co. has a 1 year low of $65.40 and a 1 year high of $98.25.

Danaos (NYSE:DAC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The shipping company reported $6.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.33 by ($0.29). The business 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 in the previous year, the business earned $7.15 earnings per share. Sell-side analysts anticipate that Danaos Co. will post 29.21 EPS for the current year.

Danaos Announces Dividend

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

Danaos announced that its Board of Directors has authorized a stock buyback plan on Monday, April 14th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the shipping company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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.