Danaos’ (DAC) Buy Rating Reaffirmed at Jefferies Financial Group

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

Danaos Stock Down 0.2 %

Shares of Danaos stock opened at $85.72 on Tuesday. Danaos has a 52-week low of $66.45 and a 52-week high of $98.25. The company has a 50 day moving average of $82.99 and a 200 day moving average of $85.14. The company has a quick ratio of 4.04, a current ratio of 3.93 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $1.66 billion, a P/E ratio of 2.97 and a beta of 1.47.

Danaos (NYSE:DAC) last issued its quarterly 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). 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 quarter in the prior year, the firm earned $7.26 EPS. As a group, research analysts forecast that Danaos will post 27.56 EPS for the current fiscal year.

Danaos Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Monday, November 25th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend is Monday, November 25th. This is an increase from Danaos’s previous quarterly dividend of $0.80. Danaos’s payout ratio is currently 11.07%.

Institutional Trading of Danaos

Institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its position in shares of 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 during the last quarter. Acadian Asset Management LLC lifted its position in shares of Danaos by 41.3% during the 1st quarter. Acadian Asset Management LLC now owns 591,001 shares of the shipping company’s stock worth $42,647,000 after buying an additional 172,832 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Danaos by 88.4% during the 1st quarter. BNP Paribas Financial Markets now owns 18,961 shares of the shipping company’s stock worth $1,369,000 after buying an additional 8,897 shares during the last quarter. Gordian Capital Singapore Pte Ltd increased its holdings in shares of Danaos by 17,600,000.0% in the 2nd quarter. Gordian Capital Singapore Pte Ltd now owns 176,001 shares of the shipping company’s stock valued at $16,255,000 after acquiring an additional 176,000 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its holdings in shares of Danaos by 55.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 24,694 shares of the shipping company’s stock valued at $1,783,000 after acquiring an additional 8,839 shares during the period. Hedge funds and other institutional investors own 19.01% of the company’s stock.

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.