Danaos (NYSE:DAC) Stock Price Crosses Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Danaos shares crossed above their 200-day moving average, trading as high as $156.63 versus the average of $131.01, and last changing hands at $154.32.
• Analysts are broadly bullish: Freedom Capital upgraded Danaos to “strong buy,” Weiss Ratings raised its rating to “buy (a-),” and all three tracked analysts rate the stock a Strong Buy.
• Danaos reported stronger-than-expected quarterly results, with EPS of $7.29 and revenue of $274.37 million, and recently paid a $0.90 quarterly dividend, equivalent to a 2.3% yield.

Danaos Corporation (NYSE:DAC - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $131.01 and traded as high as $156.63. Danaos shares last traded at $154.32, with a volume of 111,687 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on DAC shares. Freedom Capital upgraded shares of Danaos from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. Weiss Ratings raised Danaos from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday, July 28th. Three investment analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat, the stock has an average rating of "Strong Buy".

Danaos Stock Performance

The stock has a fifty day simple moving average of $146.57 and a two-hundred day simple moving average of $131.01. The company has a debt-to-equity ratio of 0.29, a quick ratio of 9.15 and a current ratio of 9.30. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 5.22 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 EPS for the quarter, topping analysts' consensus estimates of $6.80 by $0.49. Danaos had a return on equity of 13.20% and a net margin of 51.26%.The company had revenue of $274.37 million during the quarter, compared to analysts' expectations of $258.27 million.

Danaos Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 30th. Shareholders of record on Tuesday, July 21st were paid a dividend of $0.90 per share. The ex-dividend date of this dividend was Tuesday, July 21st. This represents a $3.60 annualized dividend and a yield of 2.3%. Danaos's payout ratio is presently 12.18%.

Institutional Investors Weigh In On Danaos

A number of hedge funds have recently made changes to their positions in DAC. Ascentis Independent Advisors acquired a new position in Danaos during the 1st quarter worth approximately $56,000. Parallel Advisors LLC boosted its position in Danaos by 33.2% in the first quarter. Parallel Advisors LLC now owns 1,171 shares of the shipping company's stock valued at $132,000 after buying an additional 292 shares in the last quarter. Glenview Trust Co acquired a new stake in Danaos in the first quarter valued at approximately $225,000. Engineers Gate Manager LP acquired a new stake in Danaos in the second quarter valued at approximately $230,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Danaos during the second quarter worth $234,000. 19.01% of the stock is currently owned by institutional investors and hedge funds.

Danaos Company Profile

Danaos Corporation NYSE: DAC is a Greek-based owner and operator of containerships. The company provides marine transportation services by chartering its vessels to major container-shipping companies, which use them to transport manufactured goods, commodities and other cargo on international trade routes.

Founded in 1972, Danaos has developed a globally deployed fleet serving the liner shipping industry. Its vessels operate across major maritime regions and support container trade between Asia, Europe, North America and other international markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.