Danaos (NYSE:DAC) Trading Down 4.6% – Here’s Why

Danaos Co. (NYSE:DAC)’s share price was down 4.6% during mid-day trading on Monday . The stock traded as low as $82.00 and last traded at $82.00. Approximately 50,001 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 106,775 shares. The stock had previously closed at $85.91.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. StockNews.com lowered Danaos from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $105.00 price target on shares of Danaos in a research report on Tuesday, November 12th.

Danaos Stock Performance

The stock has a 50-day moving average of $83.96 and a 200 day moving average of $85.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.78 and a current ratio of 3.93. The firm has a market capitalization of $1.57 billion, a P/E ratio of 2.97 and a beta of 1.47.

Danaos (NYSE:DAC) last posted its quarterly earnings data on Tuesday, November 12th. The shipping company reported $6.50 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $251.16 million. During the same period in the prior year, the company posted $7.26 EPS. On average, research analysts anticipate that Danaos Co. will post 27.56 earnings per share for the current year.

Danaos Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Monday, November 25th will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Monday, November 25th. This is a boost from Danaos’s previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.20%. Danaos’s payout ratio is 11.07%.

Institutional Investors Weigh In On Danaos

Several hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC grew its position in shares of Danaos by 33.5% in the 2nd quarter. Acadian Asset Management LLC now owns 788,905 shares of the shipping company’s stock valued at $72,823,000 after purchasing an additional 197,904 shares during the period. Gordian Capital Singapore Pte Ltd boosted its holdings in shares of Danaos by 17,600,000.0% in the second quarter. Gordian Capital Singapore Pte Ltd now owns 176,001 shares of the shipping company’s stock valued at $16,255,000 after buying an additional 176,000 shares during the period. Sei Investments Co. increased its position in shares of Danaos by 56.9% during the second quarter. Sei Investments Co. now owns 32,242 shares of the shipping company’s stock worth $2,978,000 after acquiring an additional 11,687 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Danaos by 2.9% during the third quarter. Janney Montgomery Scott LLC now owns 26,908 shares of the shipping company’s stock worth $2,334,000 after acquiring an additional 766 shares during the period. Finally, State Street Corp lifted its position in Danaos by 2.3% in the 3rd quarter. State Street Corp now owns 24,098 shares of the shipping company’s stock valued at $2,090,000 after acquiring an additional 547 shares in the last quarter. 19.01% of the stock is currently 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.