Danaos (NYSE:DAC) Hits New 12-Month High – Here’s What Happened

Shares of Danaos Corporation (NYSE:DAC) hit a new 52-week high during trading on Wednesday . The company traded as high as $142.00 and last traded at $140.4090, with a volume of 424 shares traded. The stock had previously closed at $140.41.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on DAC. Fearnley Fonds raised shares of Danaos from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Weiss Ratings upgraded Danaos from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $105.00.

Danaos Stock Performance

The stock has a market cap of $2.52 billion, a PE ratio of 4.92 and a beta of 0.89. The company has a quick ratio of 8.40, a current ratio of 8.66 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average price of $128.78 and a 200 day moving average price of $118.31.

Danaos (NYSE:DAC) last released its quarterly earnings data on Monday, May 11th. The shipping company reported $6.72 earnings per share for the quarter, beating the consensus estimate of $5.86 by $0.86. Danaos had a return on equity of 13.18% and a net margin of 49.85%.The firm had revenue of $253.70 million during the quarter, compared to the consensus estimate of $242.20 million.

Danaos Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 30th. Stockholders of record on Tuesday, July 21st will be issued a $0.90 dividend. The ex-dividend date is Tuesday, July 21st. This represents a $3.60 annualized dividend and a dividend yield of 2.6%. Danaos’s payout ratio is currently 12.70%.

Institutional Investors Weigh In On Danaos

Several hedge funds have recently modified their holdings of DAC. ION Fund Management Ltd bought a new position in shares of Danaos during the fourth quarter valued at approximately $39,538,000. Ion Asset Management Ltd. grew its stake in Danaos by 15.5% during the 2nd quarter. Ion Asset Management Ltd. now owns 654,308 shares of the shipping company’s stock worth $56,428,000 after buying an additional 87,614 shares during the last quarter. Millennium Management LLC grew its stake in shares of Danaos by 161.8% during the third quarter. Millennium Management LLC now owns 133,401 shares of the shipping company’s stock worth $11,981,000 after acquiring an additional 82,450 shares during the last quarter. Renaissance Technologies LLC grew its position in Danaos by 117.1% during the 1st quarter. Renaissance Technologies LLC now owns 83,800 shares of the shipping company’s stock worth $9,439,000 after purchasing an additional 45,200 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Danaos by 58.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 106,089 shares of the shipping company’s stock valued at $9,991,000 after buying an additional 38,958 shares during the last quarter. Hedge funds and other institutional investors own 19.01% of the company’s stock.

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.