Danaos (NYSE:DAC) Shares Pass Above 200-Day Moving Average of $79.33

Danaos Co. (NYSE:DAC) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $79.33 and traded as high as $89.75. Danaos shares last traded at $87.27, with a volume of 87,435 shares.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group raised their price objective on Danaos from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th.

Danaos Price Performance

The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 2.96 and a beta of 1.51. The company has a current ratio of 3.89, a quick ratio of 3.75 and a debt-to-equity ratio of 0.14. The stock has a 50-day simple moving average of $89.69 and a 200 day simple moving average of $79.33.

Danaos (NYSE:DAC) last announced its quarterly earnings results on Tuesday, May 28th. The shipping company reported $7.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.71 by ($0.56). The firm had revenue of $253.45 million for the quarter. Danaos had a net margin of 59.04% and a return on equity of 18.99%. During the same period last year, the company posted $7.14 EPS. On average, equities research analysts forecast that Danaos Co. will post 29.18 EPS for the current fiscal year.

Danaos Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Tuesday, June 11th were issued a dividend of $0.80 per share. The ex-dividend date of this dividend was Tuesday, June 11th. This represents a $3.20 annualized dividend and a dividend yield of 3.67%. Danaos’s dividend payout ratio is 10.86%.

Institutional Investors Weigh In On Danaos

Several institutional investors have recently made changes to their positions in DAC. Campbell & CO Investment Adviser LLC raised its stake in shares of Danaos by 40.9% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 36,418 shares of the shipping company’s stock valued at $2,697,000 after acquiring an additional 10,577 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Danaos by 14.2% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,600 shares of the shipping company’s stock valued at $118,000 after acquiring an additional 199 shares in the last quarter. Chesapeake Capital Corp IL bought a new position in shares of Danaos in the 4th quarter valued at approximately $940,000. Quadrant Capital Group LLC raised its stake in shares of Danaos by 35.5% in the 4th quarter. Quadrant Capital Group LLC now owns 4,399 shares of the shipping company’s stock valued at $326,000 after acquiring an additional 1,152 shares in the last quarter. Finally, DGS Capital Management LLC raised its stake in shares of Danaos by 30.0% in the 4th quarter. DGS Capital Management LLC now owns 12,939 shares of the shipping company’s stock valued at $958,000 after acquiring an additional 2,989 shares in the last quarter. 19.01% of the stock is currently owned by institutional investors and hedge funds.

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.