Oppenheimer & Co. Inc. Acquires Shares of 10,776 Danaos Co. (NYSE:DAC)

Oppenheimer & Co. Inc. acquired a new position in Danaos Co. (NYSE:DAC - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,776 shares of the shipping company's stock, valued at approximately $935,000. Oppenheimer & Co. Inc. owned about 0.06% of Danaos as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of DAC. Signaturefd LLC raised its stake in Danaos by 21.4% in the second quarter. Signaturefd LLC now owns 692 shares of the shipping company's stock valued at $64,000 after buying an additional 122 shares during the last quarter. National Bank of Canada FI grew its position in Danaos by 7.5% during the 2nd quarter. National Bank of Canada FI now owns 3,689 shares of the shipping company's stock worth $339,000 after purchasing an additional 257 shares during the last quarter. nVerses Capital LLC grew its position in Danaos by 75.0% during the 3rd quarter. nVerses Capital LLC now owns 700 shares of the shipping company's stock worth $61,000 after purchasing an additional 300 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of Danaos by 3.3% in the first quarter. Tidal Investments LLC now owns 11,905 shares of the shipping company's stock worth $860,000 after buying an additional 382 shares during the last quarter. Finally, Morgan Dempsey Capital Management LLC lifted its stake in shares of Danaos by 12.1% during the second quarter. Morgan Dempsey Capital Management LLC now owns 3,811 shares of the shipping company's stock worth $352,000 after buying an additional 411 shares during the period. Institutional investors own 19.01% of the company's stock.

Wall Street Analyst Weigh In

DAC has been the topic of several research reports. StockNews.com downgraded Danaos from a "buy" rating to a "hold" rating in a research report on Tuesday, November 12th. Jefferies Financial Group reissued a "buy" rating and issued a $105.00 price objective on shares of Danaos in a report on Tuesday, November 12th.

Danaos Stock Performance

NYSE DAC traded down $0.97 on Wednesday, hitting $85.36. 118,802 shares of the company's stock traded hands, compared to its average volume of 107,151. The firm's 50-day moving average price is $83.56 and its two-hundred day moving average price is $85.45. The firm has a market capitalization of $1.66 billion, a PE ratio of 2.98 and a beta of 1.47. 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 Co. has a 1-year low of $66.45 and a 1-year high of $98.25.

Danaos (NYSE:DAC - Get Free Report) last posted its earnings results 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). The business had revenue of $256.18 million for the quarter, compared to analyst estimates of $251.16 million. Danaos had a net margin of 56.16% and a return on equity of 16.68%. During the same quarter in the prior year, the firm earned $7.26 earnings per share. As a group, analysts expect that Danaos Co. will post 27.56 EPS for the current year.

Danaos Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Monday, November 25th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.98%. This is a positive change from Danaos's previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Monday, November 25th. Danaos's dividend payout ratio (DPR) is 11.07%.

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.