JPMorgan Chase & Co. Sells 37,351 Shares of Danaos Co. (NYSE:DAC)

JPMorgan Chase & Co. trimmed its position in Danaos Co. (NYSE:DAC - Free Report) by 55.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 29,861 shares of the shipping company's stock after selling 37,351 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.15% of Danaos worth $2,590,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. National Bank of Canada FI lifted its position in shares of Danaos by 4.9% in the third quarter. National Bank of Canada FI now owns 3,871 shares of the shipping company's stock valued at $336,000 after buying an additional 182 shares during the last quarter. nVerses Capital LLC lifted its holdings in Danaos by 75.0% during the 3rd quarter. nVerses Capital LLC now owns 700 shares of the shipping company's stock valued at $61,000 after purchasing an additional 300 shares during the last quarter. State Street Corp lifted its holdings in Danaos by 2.3% during the 3rd quarter. State Street Corp now owns 24,098 shares of the shipping company's stock valued at $2,090,000 after purchasing an additional 547 shares during the last quarter. Redhawk Wealth Advisors Inc. increased its holdings in shares of Danaos by 7.5% in the third quarter. Redhawk Wealth Advisors Inc. now owns 8,773 shares of the shipping company's stock valued at $761,000 after purchasing an additional 614 shares during the last quarter. Finally, Farther Finance Advisors LLC acquired a new position in shares of Danaos in the third quarter valued at $53,000. 19.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on DAC shares. StockNews.com downgraded shares of Danaos from a "buy" rating to a "hold" rating in a report on Tuesday, November 12th. Jefferies Financial Group restated a "buy" rating and set a $105.00 price objective on shares of Danaos in a report on Tuesday, November 12th.

Danaos Stock Performance

Shares of DAC traded down $0.46 during midday trading on Tuesday, reaching $77.00. 148,904 shares of the stock were exchanged, compared to its average volume of 125,100. The stock's 50 day simple moving average is $80.56 and its 200 day simple moving average is $82.35. The company has a market cap of $1.50 billion, a P/E ratio of 2.66 and a beta of 1.47. Danaos Co. has a twelve month low of $69.33 and a twelve month high of $98.25. The company has a quick ratio of 3.78, a current ratio of 3.93 and a debt-to-equity ratio of 0.19.

Danaos (NYSE:DAC - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The shipping company reported $6.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.86 by ($0.36). Danaos had a net margin of 56.16% and a return on equity of 16.68%. The business had revenue of $256.18 million during the quarter, compared to the consensus estimate of $251.16 million. During the same period in the prior year, the firm earned $7.26 EPS. On average, sell-side analysts expect that Danaos Co. will post 26.99 earnings per share for the current year.

Danaos Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Monday, November 25th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.42%. This is an increase from Danaos's previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Monday, November 25th. Danaos's dividend payout ratio is presently 11.76%.

Danaos Company 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.