Danaos (NYSE:DAC) Rating Increased to Buy at StockNews.com

Danaos (NYSE:DAC) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Tuesday.

Separately, Jefferies Financial Group reissued a “buy” rating and issued a $105.00 price target on shares of Danaos in a research report on Tuesday, February 11th.

Danaos Price Performance

DAC stock opened at $82.03 on Tuesday. The business’s fifty day moving average price is $77.79 and its 200 day moving average price is $79.84. Danaos has a 12-month low of $65.40 and a 12-month high of $98.25. The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $1.56 billion, a PE ratio of 3.17 and a beta of 1.34.

Danaos (NYSE:DAC) last issued its quarterly earnings results on Monday, February 10th. The shipping company reported $6.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.02). Danaos had a return on equity of 16.03% and a net margin of 49.81%. On average, sell-side analysts anticipate that Danaos will post 29.21 EPS for the current year.

Danaos declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 14th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the shipping company to buy up to 6.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Danaos

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Redhawk Wealth Advisors Inc. grew its holdings in Danaos by 5.5% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 9,258 shares of the shipping company’s stock worth $741,000 after acquiring an additional 485 shares in the last quarter. Ballentine Partners LLC increased its holdings in Danaos by 18.1% in the fourth quarter. Ballentine Partners LLC now owns 3,053 shares of the shipping company’s stock valued at $244,000 after buying an additional 467 shares during the last quarter. Avior Wealth Management LLC raised its stake in Danaos by 24.1% in the fourth quarter. Avior Wealth Management LLC now owns 2,321 shares of the shipping company’s stock valued at $186,000 after buying an additional 451 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Danaos by 37.7% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company’s stock worth $117,000 after buying an additional 400 shares during the last quarter. Finally, DGS Capital Management LLC boosted its position in shares of Danaos by 71.6% during the 4th quarter. DGS Capital Management LLC now owns 23,945 shares of the shipping company’s stock worth $1,917,000 after acquiring an additional 9,994 shares in the last quarter. 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.