Danaos Co. (NYSE:DAC) Sees Large Growth in Short Interest

Danaos Co. (NYSE:DAC) was the target of a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 506,000 shares, a growth of 8.5% from the November 15th total of 466,300 shares. Based on an average daily trading volume, of 117,900 shares, the short-interest ratio is presently 4.3 days. Approximately 5.2% of the company’s stock are short sold.

Institutional Investors Weigh In On Danaos

A number of large investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC purchased a new position in shares of Danaos during the 2nd quarter valued at $37,000. Farther Finance Advisors LLC purchased a new stake in Danaos in the 3rd quarter worth $53,000. Signaturefd LLC lifted its stake in Danaos by 21.4% in the 2nd quarter. Signaturefd LLC now owns 692 shares of the shipping company’s stock worth $64,000 after purchasing an additional 122 shares in the last quarter. Blue Trust Inc. lifted its stake in Danaos by 7,620.0% in the 2nd quarter. Blue Trust Inc. now owns 1,158 shares of the shipping company’s stock worth $107,000 after purchasing an additional 1,143 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Danaos in the 2nd quarter worth $111,000. Institutional investors own 19.01% of the company’s stock.

Wall Street Analysts Forecast Growth

DAC has been the subject of several recent research reports. StockNews.com lowered shares of Danaos from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Jefferies Financial Group reiterated a “buy” rating and set a $105.00 target price on shares of Danaos in a report on Tuesday, November 12th.

Danaos Stock Performance

NYSE:DAC traded down $0.83 during trading hours on Tuesday, reaching $77.30. The company had a trading volume of 109,341 shares, compared to its average volume of 109,664. The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19. Danaos has a 52 week low of $69.33 and a 52 week high of $98.25. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 2.70 and a beta of 1.49. The firm’s 50 day moving average price is $82.65 and its 200-day moving average price is $84.80.

Danaos (NYSE:DAC) last posted its earnings results on Tuesday, November 12th. The shipping company reported $6.50 EPS for the quarter, missing analysts’ consensus estimates of $6.86 by ($0.36). Danaos had a return on equity of 16.68% and a net margin of 56.16%. The company had revenue of $256.18 million during the quarter, compared to the consensus estimate of $251.16 million. During the same period last year, the firm posted $7.26 EPS. On average, analysts forecast that Danaos will post 27.56 EPS for the current year.

Danaos Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Monday, November 25th were given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date was Monday, November 25th. This is an increase from Danaos’s previous quarterly dividend of $0.80. Danaos’s payout ratio is 11.76%.

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.