Danaos (NYSE:DAC) Shares Down 4.6% – Time to Sell?

Shares of Danaos Co. (NYSE:DAC) were down 4.6% during trading on Monday . The stock traded as low as $82.00 and last traded at $82.00. Approximately 50,001 shares changed 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 research analysts have weighed in on DAC shares. Jefferies Financial Group reiterated a “buy” rating and issued a $105.00 price target on shares of Danaos in a report on Tuesday, November 12th. StockNews.com downgraded Danaos from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th.

Danaos Stock Down 4.8 %

The stock has a market cap of $1.57 billion, a price-to-earnings ratio of 2.97 and a beta of 1.47. The firm’s 50-day moving average is $83.96 and its 200 day moving average is $85.56. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.93 and a quick ratio of 3.78.

Danaos (NYSE:DAC) last released its quarterly earnings data on Tuesday, November 12th. The shipping company reported $6.50 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 for the quarter, compared to analyst estimates of $251.16 million. During the same quarter in the previous year, the company earned $7.26 earnings per share. Sell-side analysts anticipate that Danaos Co. 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 given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 4.20%. 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 dividend payout ratio is 11.07%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Murchinson Ltd. acquired a new stake in Danaos in the first quarter valued at approximately $650,000. Tidal Investments LLC grew its stake 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 purchasing an additional 382 shares in the last quarter. Mather Group LLC. bought a new position in Danaos in the 2nd quarter valued at about $76,000. SG Americas Securities LLC acquired a new stake in Danaos in the second quarter worth approximately $111,000. Finally, Ballew Advisors Inc acquired a new stake in shares of Danaos in the second quarter valued at $241,000. 19.01% of the stock is owned by institutional investors and hedge funds.

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.