StockNews.com Upgrades Danaos (NYSE:DAC) to "Buy"

StockNews.com upgraded shares of Danaos (NYSE:DAC - Free Report) from a hold rating to a buy rating in a research note released on Monday morning.

Separately, Jefferies Financial Group restated a "buy" rating and set a $105.00 price objective on shares of Danaos in a research report on Tuesday, February 11th.

Danaos Stock Performance

Shares of DAC stock traded up $0.59 on Monday, reaching $80.96. The stock had a trading volume of 62,065 shares, compared to its average volume of 102,137. 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 has a 1 year low of $69.33 and a 1 year high of $98.25. The stock has a market cap of $1.54 billion, a P/E ratio of 3.12 and a beta of 1.41. The company has a 50 day simple moving average of $80.14 and a 200 day simple moving average of $81.32.

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

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Danaos Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were given a dividend of $0.85 per share. The ex-dividend date was Monday, February 24th. This represents a $3.40 dividend on an annualized basis and a yield of 4.20%. Danaos's dividend payout ratio (DPR) is presently 13.12%.

Institutional Trading of Danaos

Several institutional investors have recently added to or reduced their stakes in the company. Ion Asset Management Ltd. lifted its holdings in shares of Danaos by 47.8% in the 4th quarter. Ion Asset Management Ltd. now owns 566,050 shares of the shipping company's stock worth $45,324,000 after buying an additional 183,050 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Danaos by 18.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 314,787 shares of the shipping company's stock worth $25,205,000 after purchasing an additional 48,155 shares during the period. No Street GP LP boosted its stake in shares of Danaos by 11.1% during the fourth quarter. No Street GP LP now owns 250,000 shares of the shipping company's stock valued at $20,018,000 after purchasing an additional 25,000 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in Danaos by 20.4% during the fourth quarter. Voloridge Investment Management LLC now owns 103,937 shares of the shipping company's stock valued at $8,322,000 after buying an additional 17,643 shares during the period. Finally, TrueMark Investments LLC raised its stake in Danaos by 252.9% in the fourth 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 in the last quarter. Institutional investors own 19.01% of the company's stock.

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.