Danaos (NYSE:DAC) Downgraded by StockNews.com

StockNews.com lowered shares of Danaos (NYSE:DACGet Rating) from a buy rating to a hold rating in a report released on Wednesday.

DAC has been the subject of several other research reports. Jefferies Financial Group raised their target price on Danaos from $110.00 to $125.00 and gave the stock a buy rating in a research report on Tuesday, February 8th. Zacks Investment Research downgraded Danaos from a buy rating to a hold rating in a research report on Tuesday, April 12th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $101.67.

Shares of NYSE:DAC opened at $82.18 on Wednesday. Danaos has a 1-year low of $52.52 and a 1-year high of $107.47. The firm has a market capitalization of $1.70 billion, a PE ratio of 1.61 and a beta of 1.38. The business’s 50 day moving average is $94.35 and its 200-day moving average is $82.81. The company has a current ratio of 1.98, a quick ratio of 1.94 and a debt-to-equity ratio of 0.55.

Danaos (NYSE:DACGet Rating) last announced its quarterly earnings data on Monday, February 7th. The shipping company reported $6.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $6.01 by $0.09. Danaos had a return on equity of 20.23% and a net margin of 152.70%. The company had revenue of $215.04 million for the quarter, compared to analyst estimates of $201.48 million. During the same quarter last year, the firm earned $2.29 EPS. On average, sell-side analysts predict that Danaos will post 30.17 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 28th. Shareholders of record on Thursday, February 17th were given a $0.75 dividend. This is an increase from Danaos’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Wednesday, February 16th. This represents a $3.00 annualized dividend and a yield of 3.65%. Danaos’s payout ratio is presently 5.86%.

A number of institutional investors and hedge funds have recently modified their holdings of DAC. Wells Fargo & Company MN raised its position in Danaos by 47.4% in the 2nd quarter. Wells Fargo & Company MN now owns 7,660 shares of the shipping company’s stock valued at $588,000 after purchasing an additional 2,463 shares during the last quarter. Morgan Stanley raised its position in Danaos by 87.4% in the 2nd quarter. Morgan Stanley now owns 42,498 shares of the shipping company’s stock valued at $3,264,000 after purchasing an additional 19,815 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in Danaos in the 3rd quarter valued at $883,000. Cambridge Investment Research Advisors Inc. bought a new position in Danaos in the 3rd quarter valued at $308,000. Finally, Advisor Group Holdings Inc. raised its position in Danaos by 84.7% in the 3rd quarter. Advisor Group Holdings Inc. now owns 17,573 shares of the shipping company’s stock valued at $1,440,000 after purchasing an additional 8,057 shares during the last quarter. Hedge funds and other institutional investors own 62.45% of the company’s stock.

About Danaos (Get Rating)

Danaos Corporation, together with its subsidiaries, owns and operates containerships in Australia, Asia, Europe, and the United States. The company offers seaborne transportation services, such as chartering its vessels to liner companies. As of February 28, 2022, it had a fleet of 71 containerships aggregating 436,589 twenty-foot equivalent units in capacity.

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