Danaos’ (DAC) “Buy” Rating Reiterated at Jefferies Financial Group

Jefferies Financial Group reissued their buy rating on shares of Danaos (NYSE:DAC) in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a $105.00 price objective on the shipping company’s stock.

Danaos Price Performance

DAC stock traded down $0.89 during trading on Tuesday, reaching $85.02. 23,039 shares of the company were exchanged, compared to its average volume of 106,615. The company has a market cap of $1.65 billion, a P/E ratio of 2.97 and a beta of 1.47. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.04 and a current ratio of 3.93. Danaos has a 52-week low of $66.45 and a 52-week high of $98.25. The stock’s 50 day moving average price is $82.85 and its 200 day moving average price is $85.13.

Danaos (NYSE:DAC) last issued its earnings results on Tuesday, November 12th. The shipping company reported $6.50 earnings per share for the quarter, missing the consensus estimate of $6.86 by ($0.36). Danaos had a return on equity of 16.68% and a net margin of 56.16%. The firm had revenue of $256.18 million during the quarter, compared to analysts’ expectations of $251.16 million. During the same period last year, the business posted $7.26 earnings per share. As a group, analysts predict that Danaos will post 27.56 earnings per share for the current fiscal year.

Danaos Increases Dividend

The firm 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 dividend on an annualized basis and a yield of 4.00%. This is a boost 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 presently 11.07%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Acadian Asset Management LLC boosted its position in Danaos by 33.5% during the second quarter. Acadian Asset Management LLC now owns 788,905 shares of the shipping company’s stock worth $72,823,000 after purchasing an additional 197,904 shares during the period. Gordian Capital Singapore Pte Ltd grew its stake in Danaos by 17,600,000.0% during the second quarter. Gordian Capital Singapore Pte Ltd now owns 176,001 shares of the shipping company’s stock worth $16,255,000 after buying an additional 176,000 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Danaos by 32.5% during the 1st quarter. Russell Investments Group Ltd. now owns 38,758 shares of the shipping company’s stock worth $2,819,000 after buying an additional 9,506 shares in the last quarter. Sei Investments Co. lifted its holdings in Danaos by 56.9% during the 2nd quarter. Sei Investments Co. now owns 32,242 shares of the shipping company’s stock worth $2,978,000 after buying an additional 11,687 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Danaos by 2.9% in the third quarter. Janney Montgomery Scott LLC now owns 26,908 shares of the shipping company’s stock worth $2,334,000 after purchasing an additional 766 shares during the period. 19.01% of the stock is owned by institutional investors and hedge funds.

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.