Raymond James & Associates Buys Shares of 7,362 Danaos Co. (NYSE:DAC)

Raymond James & Associates bought a new stake in Danaos Co. (NYSE:DAC) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 7,362 shares of the shipping company’s stock, valued at approximately $492,000.

Several other institutional investors also recently bought and sold shares of the company. Credit Suisse AG acquired a new position in shares of Danaos during the second quarter worth about $45,000. Citigroup Inc. grew its position in shares of Danaos by 34.2% during the first quarter. Citigroup Inc. now owns 808 shares of the shipping company’s stock worth $44,000 after buying an additional 206 shares in the last quarter. U S Global Investors Inc. acquired a new position in shares of Danaos during the second quarter worth about $73,000. Centaurus Financial Inc. acquired a new position in shares of Danaos during the first quarter worth about $125,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Danaos during the second quarter worth approximately $87,000. 19.01% of the stock is owned by institutional investors and hedge funds.

Danaos Price Performance

DAC stock opened at $63.19 on Thursday. The company has a quick ratio of 2.55, a current ratio of 2.64 and a debt-to-equity ratio of 0.14. Danaos Co. has a fifty-two week low of $51.10 and a fifty-two week high of $71.65. The business has a 50 day moving average price of $65.75 and a 200 day moving average price of $64.91. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 2.49 and a beta of 1.54.

Danaos (NYSE:DAC) last released its quarterly earnings results on Monday, August 7th. The shipping company reported $7.14 EPS for the quarter, topping the consensus estimate of $6.67 by $0.47. Danaos had a return on equity of 23.22% and a net margin of 51.40%. The business had revenue of $241.48 million during the quarter, compared to analysts’ expectations of $225.75 million. During the same quarter in the prior year, the business earned $7.59 earnings per share. Equities research analysts anticipate that Danaos Co. will post 29.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Jefferies Financial Group restated a “buy” rating and set a $80.00 target price on shares of Danaos in a research note on Monday, August 7th. StockNews.com upgraded Danaos from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 3rd.

Danaos Company Profile

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 March 7, 2023, it had a fleet of 68 containerships aggregating 421,293 twenty-foot equivalent units in capacity.