Danaos (NYSE:DAC) Reaches New 1-Year High – Should You Buy?

by · The Markets Daily

Danaos Corporation (NYSE:DAC – Get Free Report)’s stock price hit a new 52-week high on Monday . The stock traded as high as $98.49 and last traded at $98.16, with a volume of 17416 shares changing hands. The stock had previously closed at $97.80.

Analyst Ratings Changes

DAC has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Danaos in a research note on Wednesday, October 8th. Jefferies Financial Group reaffirmed a “buy” rating and set a $105.00 target price on shares of Danaos in a research report on Tuesday, August 5th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $105.00.

View Our Latest Stock Analysis on Danaos

Danaos Stock Down 0.7%

The company has a debt-to-equity ratio of 0.20, a quick ratio of 5.21 and a current ratio of 5.36. The company has a market cap of $1.84 billion, a price-to-earnings ratio of 4.01 and a beta of 1.49. The business has a 50-day simple moving average of $90.80 and a 200-day simple moving average of $90.20.

Danaos (NYSE:DAC – Get Free Report) last issued its quarterly earnings data on Monday, November 17th. The shipping company reported $6.75 earnings per share for the quarter, missing analysts’ consensus estimates of $7.17 by ($0.42). The firm had revenue of $260.73 million during the quarter, compared to analysts’ expectations of $257.63 million. Danaos had a net margin of 44.62% and a return on equity of 13.88%. During the same quarter in the prior year, the firm posted $6.50 EPS. On average, equities analysts anticipate that Danaos Corporation will post 29.21 earnings per share for the current fiscal year.

Danaos Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Tuesday, December 2nd will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 3.7%. This is a positive change from Danaos’s previous quarterly dividend of $0.85. The ex-dividend date is Tuesday, December 2nd. Danaos’s payout ratio is 14.37%.

Institutional Trading of Danaos

A number of hedge funds have recently made changes to their positions in DAC. Assetmark Inc. grew its stake in shares of Danaos by 15,500.0% during the second quarter. Assetmark Inc. now owns 468 shares of the shipping company’s stock worth $40,000 after buying an additional 465 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Danaos during the 2nd quarter valued at $64,000. Tower Research Capital LLC TRC purchased a new position in Danaos during the 2nd quarter worth $67,000. TD Waterhouse Canada Inc. bought a new stake in Danaos during the second quarter worth $107,000. Finally, State of Wyoming increased its stake in shares of Danaos by 205.3% during the 2nd quarter. State of Wyoming now owns 2,128 shares of the shipping company’s stock worth $184,000 after purchasing an additional 1,431 shares during the last quarter. Hedge funds and other institutional investors own 19.01% of the company’s stock.

Danaos Company Profile

(Get Free Report)

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.

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