Danaos (NYSE:DAC) Reaches New 52-Week High After Dividend Announcement

Key Points

• Danaos shares reached a new 52-week high of $164 after the company announced a quarterly dividend of $1.00, up from $0.90 previously. The dividend implies an annualized payout of $4.00 and a 2.4% yield.
• Analysts remain bullish, with three firms rating Danaos a Strong Buy and recent upgrades from Weiss Ratings and Freedom Capital.
• Danaos exceeded quarterly expectations, reporting $7.29 in EPS versus $6.80 forecast and revenue of $274.37 million versus $258.27 million estimated. Institutional investors own 19.01% of the company.

Danaos Corporation (NYSE:DAC - Get Free Report)'s share price hit a new 52-week high on Friday following a dividend announcement from the company. The company traded as high as $164.00 and last traded at $163.9110, with a volume of 75609 shares trading hands. The stock had previously closed at $161.74.The newly announced dividend which will be paid on Thursday, October 22nd. Investors of record on Tuesday, October 13th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. This is an increase from Danaos's previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Tuesday, October 13th. Danaos's payout ratio is 12.18%.

Analyst Ratings Changes

Several brokerages have issued reports on DAC. Weiss Ratings upgraded shares of Danaos from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Tuesday, July 28th. Freedom Capital upgraded Danaos from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. Three investment analysts have rated the stock with a Strong Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Strong Buy".

Danaos Stock Up 1.5%

The company has a debt-to-equity ratio of 0.29, a current ratio of 9.30 and a quick ratio of 9.15. The firm's 50 day moving average is $149.49 and its two-hundred day moving average is $132.90. The firm has a market capitalization of $2.99 billion, a P/E ratio of 5.55 and a beta of 0.87.

Danaos (NYSE:DAC - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The shipping company reported $7.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.80 by $0.49. The firm had revenue of $274.37 million for the quarter, compared to analyst estimates of $258.27 million. Danaos had a net margin of 51.26% and a return on equity of 13.20%.

Institutional Investors Weigh In On Danaos

Several hedge funds have recently bought and sold shares of DAC. Renaissance Technologies LLC increased its position in Danaos by 117.1% during the first quarter. Renaissance Technologies LLC now owns 83,800 shares of the shipping company's stock worth $9,439,000 after buying an additional 45,200 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Danaos by 6.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 76,890 shares of the shipping company's stock worth $8,661,000 after acquiring an additional 4,737 shares during the period. Sei Investments Co. boosted its stake in shares of Danaos by 99.1% during the 1st quarter. Sei Investments Co. now owns 44,248 shares of the shipping company's stock worth $4,984,000 after acquiring an additional 22,028 shares during the period. DGS Capital Management LLC increased its holdings in shares of Danaos by 15.5% during the 1st quarter. DGS Capital Management LLC now owns 30,394 shares of the shipping company's stock worth $3,424,000 after acquiring an additional 4,084 shares during the last quarter. Finally, Midwest Professional Planners LTD. increased its holdings in shares of Danaos by 225.1% during the 2nd quarter. Midwest Professional Planners LTD. now owns 16,855 shares of the shipping company's stock worth $2,063,000 after acquiring an additional 11,670 shares during the last quarter. 19.01% of the stock is currently owned by institutional investors and hedge funds.

Danaos Company Profile

Danaos Corporation is a Greece-based international owner and operator of containerships. The company provides vessels for the transportation of containerized cargo and generally charters its ships to major liner companies, which use them to serve global trade routes.

Founded in 1972, Danaos has developed a fleet serving customers across major shipping markets and geographic regions. Its operations support the movement of manufactured goods, consumer products, industrial materials and other cargo transported in standardized shipping containers.

Danaos is headquartered in Piraeus, Greece, and its management is led by Dr.

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