Danaos (NYSE:DAC) Lowered to Hold Rating by StockNews.com

StockNews.com lowered shares of Danaos (NYSE:DAC) from a buy rating to a hold rating in a report published on Tuesday.

Separately, Jefferies Financial Group restated a “buy” rating and issued a $105.00 target price on shares of Danaos in a report on Tuesday.

Danaos Stock Performance

Danaos stock opened at $85.72 on Tuesday. The company’s 50-day moving average price is $82.99 and its 200-day moving average price is $85.14. Danaos has a twelve month low of $66.45 and a twelve month high of $98.25. The company has a quick ratio of 4.04, a current ratio of 3.93 and a debt-to-equity ratio of 0.19. The company has a market cap of $1.66 billion, a PE ratio of 2.97 and a beta of 1.47.

Danaos (NYSE:DAC) last posted its earnings results on Tuesday, November 12th. The shipping company reported $6.50 earnings per share for the quarter, missing analysts’ consensus estimates of $6.86 by ($0.36). Danaos had a return on equity of 16.68% and a net margin of 56.16%. The business had revenue of $256.18 million during the quarter, compared to the consensus estimate of $251.16 million. During the same quarter last year, the firm earned $7.26 earnings per share. On average, equities research analysts forecast that Danaos will post 27.56 EPS for the current fiscal year.

Danaos Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Monday, November 25th will be paid a dividend of $0.85 per share. The ex-dividend date is Monday, November 25th. This is a boost from Danaos’s previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.97%. Danaos’s payout ratio is currently 11.07%.

Hedge Funds Weigh In On Danaos

Large investors have recently made changes to their positions in the company. nVerses Capital LLC purchased a new position in shares of Danaos during the 2nd quarter worth about $37,000. Farther Finance Advisors LLC purchased a new position in shares of Danaos during the 3rd quarter worth about $53,000. Signaturefd LLC boosted its stake in shares of Danaos by 21.4% during the 2nd quarter. Signaturefd LLC now owns 692 shares of the shipping company’s stock worth $64,000 after purchasing an additional 122 shares during the period. Mather Group LLC. purchased a new position in shares of Danaos during the 2nd quarter worth about $76,000. Finally, Blue Trust Inc. boosted its stake in shares of Danaos by 7,620.0% during the 2nd quarter. Blue Trust Inc. now owns 1,158 shares of the shipping company’s stock worth $107,000 after purchasing an additional 1,143 shares during the period. 19.01% of the stock is owned by hedge funds and other institutional investors.

About Danaos

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.