Danaos (NYSE:DAC) Stock Price Crosses Above 200-Day Moving Average of $71.80

Danaos Co. (NYSE:DAC) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $71.80 and traded as high as $78.80. Danaos shares last traded at $78.54, with a volume of 123,457 shares.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group restated a “buy” rating and issued a $90.00 target price on shares of Danaos in a research note on Wednesday, February 14th.

Danaos Trading Up 2.6 %

The company has a market cap of $1.53 billion, a P/E ratio of 2.71 and a beta of 1.30. The business has a fifty day simple moving average of $72.70 and a 200 day simple moving average of $71.84. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.84 and a current ratio of 2.98.

Danaos (NYSE:DAC) last announced its quarterly earnings data on Tuesday, February 13th. The shipping company reported $6.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.70 by ($0.71). The firm had revenue of $249.32 million for the quarter, compared to the consensus estimate of $254.37 million. Danaos had a return on equity of 19.94% and a net margin of 59.19%. Analysts anticipate that Danaos Co. will post 31.34 earnings per share for the current fiscal year.

Danaos Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Wednesday, February 28th were issued a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend was Tuesday, February 27th. Danaos’s dividend payout ratio (DPR) is presently 11.05%.

Institutional Investors Weigh In On Danaos

Several institutional investors and hedge funds have recently bought and sold shares of DAC. Mackenzie Financial Corp grew its stake in Danaos by 139.7% during the 3rd quarter. Mackenzie Financial Corp now owns 19,935 shares of the shipping company’s stock worth $1,303,000 after buying an additional 11,618 shares during the last quarter. Olympiad Research LP bought a new position in shares of Danaos during the third quarter worth about $283,000. Signaturefd LLC increased its holdings in shares of Danaos by 45.2% in the 3rd quarter. Signaturefd LLC now owns 524 shares of the shipping company’s stock worth $35,000 after acquiring an additional 163 shares during the period. Janney Montgomery Scott LLC lifted its position in Danaos by 9.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 22,323 shares of the shipping company’s stock valued at $1,478,000 after purchasing an additional 2,007 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Danaos during the 3rd quarter valued at about $1,711,000. Institutional investors and hedge funds own 19.01% of the company’s stock.

Danaos Company Profile

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.