Danaos (NYSE:DAC) Reaches New 12-Month High After Dividend Announcement

Danaos Corporation (NYSE:DAC) shares hit a new 52-week high on Tuesday after the company announced a dividend. The company traded as high as $96.59 and last traded at $94.70, with a volume of 25997 shares. The stock had previously closed at $95.25.

The newly announced dividend which will be paid on Thursday, December 11th. Investors of record on Tuesday, December 2nd will be paid a dividend of $0.90 per share. This is an increase from Danaos’s previous quarterly dividend of $0.85. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Tuesday, December 2nd. Danaos’s dividend payout ratio (DPR) is presently 13.57%.

Wall Street Analyst Weigh In

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

Danaos Stock Up 1.4%

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 stock’s fifty day simple moving average is $90.56 and its two-hundred day simple moving average is $89.53. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 3.98 and a beta of 1.49.

Danaos (NYSE:DAC) last announced its quarterly earnings data on Monday, November 17th. The shipping company reported $6.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.17 by ($0.42). The business had revenue of $260.73 million during the quarter, compared to analyst estimates of $257.63 million. Danaos had a return on equity of 13.88% and a net margin of 44.62%.During the same period in the prior year, the firm earned $6.50 EPS. On average, sell-side analysts anticipate that Danaos Corporation will post 29.21 EPS for the current year.

Institutional Investors Weigh In On Danaos

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

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.