Danaos (NYSE:DAC) Posts Earnings Results, Beats Estimates By $0.49 EPS

Danaos (NYSE:DAC) released its quarterly earnings results on Monday. The shipping company reported $7.29 EPS for the quarter, topping analysts’ consensus estimates of $6.80 by $0.49, Zacks reports. The firm had revenue of $274.37 million during the quarter, compared to analysts’ expectations of $258.27 million. Danaos had a net margin of 49.85% and a return on equity of 13.18%.

Danaos Trading Up 0.3%

NYSE DAC opened at $142.08 on Tuesday. The stock has a market cap of $2.59 billion, a PE ratio of 5.01 and a beta of 0.89. Danaos has a 12 month low of $83.56 and a 12 month high of $143.48. The company’s 50-day moving average price is $129.53 and its 200-day moving average price is $119.49. The company has a current ratio of 8.66, a quick ratio of 8.40 and a debt-to-equity ratio of 0.26.

Danaos Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 30th. Stockholders of record on Tuesday, July 21st were issued a $0.90 dividend. The ex-dividend date was Tuesday, July 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.5%. Danaos’s dividend payout ratio is presently 12.70%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on DAC. Weiss Ratings raised shares of Danaos from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, July 28th. Fearnley Fonds raised Danaos from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $105.00.

Hedge Funds Weigh In On Danaos

A number of hedge funds have recently added to or reduced their stakes in DAC. Ion Asset Management Ltd. boosted its holdings in shares of Danaos by 15.5% in the second quarter. Ion Asset Management Ltd. now owns 654,308 shares of the shipping company’s stock valued at $56,428,000 after purchasing an additional 87,614 shares during the period. ION Fund Management Ltd purchased a new position in Danaos during the 4th quarter worth $39,538,000. Millennium Management LLC increased its holdings in Danaos by 161.8% during the 3rd quarter. Millennium Management LLC now owns 133,401 shares of the shipping company’s stock worth $11,981,000 after purchasing an additional 82,450 shares during the period. JPMorgan Chase & Co. raised its position in Danaos by 13.8% during the 4th quarter. JPMorgan Chase & Co. now owns 111,750 shares of the shipping company’s stock valued at $10,525,000 after purchasing an additional 13,571 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Danaos by 58.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 106,089 shares of the shipping company’s stock worth $9,991,000 after buying an additional 38,958 shares during the period. 19.01% of the stock is currently owned by institutional investors.

Danaos Company Profile

Danaos Corporation is a leading independent owner and manager of containerships, specializing in long-term charters of modern vessels to major liner companies worldwide. The company’s core services include vessel acquisition and sale, technical and crew management, and commercial chartering, all aimed at supporting global containerized trade. Danaos leverages its in-house expertise in operations, maintenance and regulatory compliance to ensure reliable and efficient fleet performance.

Founded in 1972 by Dr.