Danaos Co. (NYSE:DAC) Stock Position Boosted by No Street GP LP

No Street GP LP boosted its stake in Danaos Co. (NYSE:DAC - Free Report) by 11.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,000 shares of the shipping company's stock after acquiring an additional 25,000 shares during the period. Danaos accounts for 1.3% of No Street GP LP's portfolio, making the stock its 22nd largest position. No Street GP LP owned approximately 1.29% of Danaos worth $20,018,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Summit Securities Group LLC bought a new stake in Danaos during the fourth quarter valued at $32,000. New Age Alpha Advisors LLC bought a new stake in Danaos during the fourth quarter valued at $87,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in 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 valued at $117,000 after purchasing an additional 400 shares during the last quarter. Allworth Financial LP increased its stake in Danaos by 340.1% during the fourth quarter. Allworth Financial LP now owns 1,941 shares of the shipping company's stock valued at $149,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Avior Wealth Management LLC increased its stake in Danaos by 24.1% during the fourth quarter. Avior Wealth Management LLC now owns 2,321 shares of the shipping company's stock valued at $186,000 after purchasing an additional 451 shares during the last quarter. 19.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Jefferies Financial Group boosted their target price on shares of Danaos from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday. StockNews.com lowered shares of Danaos from a "buy" rating to a "hold" rating in a research note on Wednesday.

Danaos Stock Performance

Shares of Danaos stock traded up $1.04 during trading on Friday, hitting $86.65. 58,215 shares of the stock were exchanged, compared to its average volume of 109,527. The stock's fifty day moving average is $78.81 and its 200 day moving average is $79.99. The stock has a market cap of $1.65 billion, a PE ratio of 3.34 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 Co. has a 12 month low of $65.40 and a 12 month high of $98.25.

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

Danaos Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, May 27th will be given a dividend of $0.85 per share. The ex-dividend date is Tuesday, May 27th. This represents a $3.40 annualized dividend and a dividend yield of 3.92%. Danaos's dividend payout ratio is currently 13.12%.

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

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.