Wells Fargo & Company MN Purchases 6,804 Shares of Danaos Co. (NYSE:DAC)

Wells Fargo & Company MN grew its holdings in Danaos Co. (NYSE:DAC - Free Report) by 31.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 28,382 shares of the shipping company's stock after buying an additional 6,804 shares during the quarter. Wells Fargo & Company MN owned approximately 0.15% of Danaos worth $2,273,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership boosted its position in shares of Danaos by 18.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 314,787 shares of the shipping company's stock valued at $25,205,000 after purchasing an additional 48,155 shares in the last quarter. TrueMark Investments LLC grew its position in shares of Danaos by 252.9% in the 4th quarter. TrueMark Investments LLC now owns 65,485 shares of the shipping company's stock worth $5,243,000 after buying an additional 46,930 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Danaos by 71.8% in the 4th 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 in the last quarter. Sei Investments Co. lifted its position in Danaos by 12.8% during the 4th quarter. Sei Investments Co. now owns 32,629 shares of the shipping company's stock valued at $2,613,000 after acquiring an additional 3,696 shares during the period. Finally, State Street Corp boosted its stake in Danaos by 2.3% during the third quarter. State Street Corp now owns 24,098 shares of the shipping company's stock worth $2,090,000 after acquiring an additional 547 shares in the last quarter. 19.01% of the stock is currently owned by institutional investors.

Danaos Stock Up 0.7 %

DAC traded up $0.56 during trading on Tuesday, hitting $80.52. 61,635 shares of the company's stock traded hands, compared to its average volume of 110,596. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 3.11 and a beta of 1.32. The company's 50 day simple moving average is $77.99 and its two-hundred day simple moving average is $79.92. Danaos Co. has a 12-month low of $65.40 and a 12-month high of $98.25. The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19.

Danaos (NYSE:DAC - Get Free Report) last released its quarterly earnings data on Monday, February 10th. The shipping company reported $6.50 EPS for the quarter, missing the consensus estimate of $6.52 by ($0.02). Danaos had a return on equity of 16.03% and a net margin of 49.81%. Analysts predict that Danaos Co. will post 29.21 earnings per share for the current fiscal year.

Danaos announced that its Board of Directors has initiated a stock buyback program on Monday, April 14th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the shipping company to buy up to 6.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Danaos Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were issued a dividend of $0.85 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $3.40 annualized dividend and a dividend yield of 4.22%. Danaos's payout ratio is 13.12%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group reiterated a "buy" rating and set a $105.00 target price on shares of Danaos in a report on Tuesday, February 11th. StockNews.com downgraded Danaos from a "buy" rating to a "hold" rating in a report on Monday.

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.