Danaos Corp. (NYSE:DAC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Danaos Corporation is a leading international owner of containerships, chartering vessels to many of the world’s largest liner companies. Danaos was set up by Dimitri Coustas, an experienced shipping investor who had been active in the industry. Having consistently developed sea transport services throughout its history, Danaos has forged a reputation for high-quality operational support to liner companies and other charterers throughout the world. The Company currently have a fleet of containerships aggregating TEU, making us among the largest containership charter owners in the world. We charter our containerships to a geographically diverse group of liner companies, including most of the largest ones globally. Such customers include Maersk, COSCO, Hapag-Lloyd, CMA-CGM, Neptune Orient Lines, Yang Ming, China Shipping, Norasia Container Lines Ltd, Hyundai Merchant Marine Co., Wan-Hai Lines and Zim Israel Integrated Shipping Services Ltd. “
Separately, Jefferies Group restated a “hold” rating on shares of Danaos Corp. in a research report on Monday, September 12th.
Shares of Danaos Corp. (NYSE:DAC) opened at 2.68 on Tuesday. The firm has a 50-day moving average of $3.11 and a 200 day moving average of $3.57. The stock has a market capitalization of $294.26 million, a PE ratio of 2.14 and a beta of 1.01. Danaos Corp. has a 1-year low of $2.57 and a 1-year high of $6.64.
Danaos Corp. (NYSE:DAC) last posted its earnings results on Monday, August 1st. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.42 by $0.01. Danaos Corp. had a net margin of 24.43% and a return on equity of 21.29%. The firm earned $137 million during the quarter, compared to analysts’ expectations of $135.57 million. During the same quarter in the prior year, the firm earned $0.35 EPS. Danaos Corp.’s quarterly revenue was down 3.2% on a year-over-year basis. On average, equities analysts anticipate that Danaos Corp. will post $1.60 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. FCA Corp TX boosted its position in Danaos Corp. by 188.3% in the second quarter. FCA Corp TX now owns 43,245 shares of the company’s stock valued at $118,000 after buying an additional 28,245 shares during the period. BlackRock Institutional Trust Company N.A. purchased a new position in Danaos Corp. during the first quarter valued at approximately $122,000. Renaissance Technologies LLC purchased a new position in Danaos Corp. during the first quarter valued at approximately $128,000. Spark Investment Management LLC boosted its position in Danaos Corp. by 71.6% in the first quarter. Spark Investment Management LLC now owns 35,700 shares of the company’s stock valued at $135,000 after buying an additional 14,900 shares during the period. Finally, Acrospire Investment Management LLC purchased a new position in Danaos Corp. during the first quarter valued at approximately $253,000. Hedge funds and other institutional investors own 2.21% of the company’s stock.
About Danaos Corp.
Danaos Corporation is a holding company and an international owner of containerships, chartering its vessels to a range of liner companies. The Company’s principal business is the acquisition and operation of vessels. The Company conducts its operations through the vessel owning companies, whose principal activity is the ownership and operation of containerships that are under the management of a related party of the company.
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