Acadian Asset Management LLC Purchases 197,904 Shares of Danaos Co. (NYSE:DAC)

Acadian Asset Management LLC grew its holdings in Danaos Co. (NYSE:DAC) by 33.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 788,905 shares of the shipping company’s stock after acquiring an additional 197,904 shares during the quarter. Acadian Asset Management LLC’s holdings in Danaos were worth $72,823,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in DAC. Parallel Advisors LLC boosted its holdings in Danaos by 79.3% in the 4th quarter. Parallel Advisors LLC now owns 382 shares of the shipping company’s stock valued at $28,000 after purchasing an additional 169 shares during the period. nVerses Capital LLC bought a new stake in shares of Danaos in the 2nd quarter worth approximately $37,000. Scarborough Advisors LLC bought a new stake in shares of Danaos in the 4th quarter worth approximately $49,000. Signaturefd LLC grew its holdings in shares of Danaos by 21.4% during the 2nd quarter. Signaturefd LLC now owns 692 shares of the shipping company’s stock worth $64,000 after purchasing an additional 122 shares in the last quarter. Finally, Mather Group LLC. bought a new stake in shares of Danaos during the second quarter valued at approximately $76,000. 19.01% of the stock is currently owned by institutional investors.

Danaos Price Performance

Shares of Danaos stock opened at $77.07 on Friday. Danaos Co. has a twelve month low of $62.37 and a twelve month high of $98.25. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.04 and a current ratio of 4.18. The firm has a market cap of $1.50 billion, a P/E ratio of 2.62 and a beta of 1.47. The firm’s 50-day simple moving average is $84.34 and its 200-day simple moving average is $81.51.

Danaos (NYSE:DAC) last released its quarterly earnings data on Monday, August 5th. The shipping company reported $6.78 earnings per share for the quarter, missing the consensus estimate of $7.04 by ($0.26). The company had revenue of $246.31 million during the quarter, compared to the consensus estimate of $238.83 million. Danaos had a net margin of 58.15% and a return on equity of 17.88%. During the same quarter in the prior year, the company posted $7.14 earnings per share. As a group, research analysts expect that Danaos Co. will post 28.43 EPS for the current fiscal year.

Danaos Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Tuesday, August 20th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $3.20 annualized dividend and a yield of 4.15%. Danaos’s dividend payout ratio is currently 10.86%.

Analysts Set New Price Targets

Separately, Jefferies Financial Group raised their target price on Danaos from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th.

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.