Danaos Co. (NYSE:DAC) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in Danaos Co. (NYSE:DAC - Free Report) by 71.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,291 shares of the shipping company's stock after acquiring an additional 21,430 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.26% of Danaos worth $4,107,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Harel Insurance Investments & Financial Services Ltd. raised its position in Danaos by 37.7% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company's stock valued at $117,000 after purchasing an additional 400 shares during the last quarter. Allworth Financial LP raised its holdings in Danaos by 340.1% in the fourth quarter. Allworth Financial LP now owns 1,941 shares of the shipping company's stock worth $149,000 after buying an additional 1,500 shares during the last quarter. Avior Wealth Management LLC boosted its stake in Danaos by 24.1% during the 4th quarter. Avior Wealth Management LLC now owns 2,321 shares of the shipping company's stock valued at $186,000 after purchasing an additional 451 shares during the last quarter. Ballentine Partners LLC boosted its holdings in Danaos by 18.1% in the fourth quarter. Ballentine Partners LLC now owns 3,053 shares of the shipping company's stock worth $244,000 after purchasing an additional 467 shares during the last quarter. Finally, LPL Financial LLC lifted its stake in shares of Danaos by 19.0% during the 4th quarter. LPL Financial LLC now owns 3,995 shares of the shipping company's stock valued at $320,000 after buying an additional 637 shares in the last quarter. 19.01% of the stock is owned by institutional investors.

Danaos Trading Up 0.6 %

Shares of DAC stock traded up $0.47 during trading on Thursday, hitting $79.99. 13,054 shares of the stock traded hands, compared to its average volume of 110,367. Danaos Co. has a 52-week low of $65.40 and a 52-week high of $98.25. The firm's fifty day moving average price is $78.22 and its 200-day moving average price is $80.13. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.93 and a quick ratio of 3.78. The firm has a market capitalization of $1.52 billion, a P/E ratio of 3.09 and a beta of 1.32.

Danaos (NYSE:DAC - Get Free Report) last posted its earnings results on Monday, February 10th. The shipping company reported $6.50 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%. As a group, research analysts forecast that Danaos Co. will post 29.21 earnings per share for the current fiscal year.

Danaos declared that its board has approved a share buyback plan on Monday, April 14th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the shipping company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

Danaos Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors 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 annualized dividend and a dividend yield of 4.25%. Danaos's dividend payout ratio is currently 13.12%.

Analysts Set New Price Targets

DAC has been the topic of several recent analyst reports. Jefferies Financial Group reiterated a "buy" rating and issued a $105.00 price target on shares of Danaos in a report on Tuesday, February 11th. StockNews.com upgraded shares of Danaos from a "hold" rating to a "buy" rating in a report on Monday, March 10th.

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.