Danaos (NYSE:DAC) Reaches New 52-Week Low – Here’s What Happened

Danaos Co. (NYSE:DAC) reached a new 52-week low on Friday . The company traded as low as $68.51 and last traded at $69.45, with a volume of 25587 shares traded. The stock had previously closed at $73.57.

Wall Street Analyst Weigh In

Several research firms have weighed in on DAC. Jefferies Financial Group restated a “buy” rating and issued a $105.00 price target on shares of Danaos in a research note on Tuesday, February 11th. StockNews.com upgraded shares of Danaos from a “hold” rating to a “buy” rating in a report on Monday, March 10th.

Danaos Price Performance

The company has a market cap of $1.33 billion, a P/E ratio of 2.70 and a beta of 1.32. The firm’s 50-day moving average is $80.42 and its two-hundred day moving average is $81.31. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.93 and a quick ratio of 3.78.

Danaos (NYSE:DAC) last released its earnings results on Monday, February 10th. The shipping company reported $6.50 earnings per share 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%. Analysts anticipate that Danaos Co. will post 29.21 earnings per share for the current year.

Danaos Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were issued a $0.85 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.86%. Danaos’s dividend payout ratio is currently 13.12%.

Hedge Funds Weigh In On Danaos

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DAC. Ion Asset Management Ltd. increased its holdings in shares of Danaos by 47.8% in the fourth quarter. Ion Asset Management Ltd. now owns 566,050 shares of the shipping company’s stock valued at $45,324,000 after purchasing an additional 183,050 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Danaos by 18.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 314,787 shares of the shipping company’s stock worth $25,205,000 after buying an additional 48,155 shares during the last quarter. No Street GP LP lifted its stake in Danaos by 11.1% during the 4th quarter. No Street GP LP now owns 250,000 shares of the shipping company’s stock valued at $20,018,000 after acquiring an additional 25,000 shares during the period. Voloridge Investment Management LLC boosted its holdings in shares of Danaos by 20.4% in the 4th quarter. Voloridge Investment Management LLC now owns 103,937 shares of the shipping company’s stock valued at $8,322,000 after acquiring an additional 17,643 shares during the last quarter. Finally, TrueMark Investments LLC increased its stake in shares of Danaos by 252.9% in the fourth quarter. TrueMark Investments LLC now owns 65,485 shares of the shipping company’s stock worth $5,243,000 after acquiring an additional 46,930 shares during the period. Hedge funds and other institutional investors own 19.01% of the company’s stock.

About Danaos

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.