Danaos (NYSE:DAC) Stock Price Up 3% After Dividend Announcement

Danaos Co. (NYSE:DACGet Free Report) was up 3% on Wednesday after the company announced a dividend. The company traded as high as $90.79 and last traded at $90.58. Approximately 71,096 shares changed hands during trading, a decline of 32% from the average daily volume of 104,608 shares. The stock had previously closed at $87.95.

The newly announced dividend which will be paid on Thursday, June 20th. Investors of record on Tuesday, June 11th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date is Tuesday, June 11th. Danaos’s dividend payout ratio (DPR) is presently 11.05%.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group boosted their price target on shares of Danaos from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday.

View Our Latest Stock Analysis on DAC

Danaos Stock Up 3.1 %

The business has a 50 day moving average of $77.42 and a two-hundred day moving average of $74.20. The stock has a market capitalization of $1.76 billion, a PE ratio of 3.11 and a beta of 1.30. 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:DACGet Free Report) last announced its earnings results on Tuesday, May 28th. The shipping company reported $7.15 EPS for the quarter, missing analysts’ consensus estimates of $7.71 by ($0.56). Danaos had a return on equity of 19.94% and a net margin of 59.19%. The firm had revenue of $253.45 million during the quarter. During the same period in the previous year, the company earned $7.14 EPS. Analysts predict that Danaos Co. will post 31.34 EPS for the current year.

Institutional Trading of Danaos

Institutional investors have recently made changes to their positions in the business. Blue Trust Inc. purchased a new stake in Danaos during the 4th quarter worth approximately $25,000. Parallel Advisors LLC grew its holdings in shares of Danaos by 79.3% during the fourth quarter. Parallel Advisors LLC now owns 382 shares of the shipping company’s stock valued at $28,000 after buying an additional 169 shares during the last quarter. Signaturefd LLC increased its position in shares of Danaos by 45.2% in the 3rd quarter. Signaturefd LLC now owns 524 shares of the shipping company’s stock valued at $35,000 after acquiring an additional 163 shares during the period. Scarborough Advisors LLC purchased a new position in Danaos in the 4th quarter worth $49,000. Finally, Planned Solutions Inc. acquired a new stake in Danaos during the 4th quarter worth about $70,000. Institutional investors and hedge funds own 19.01% of the company’s stock.

About Danaos

(Get Free Report)

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.

Further Reading

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