Danaos (NYSE:DAC) Sets New 12-Month High – Here’s Why

Danaos Corporation (NYSE:DAC)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $153.21 and last traded at $153.0690, with a volume of 81137 shares traded. The stock had previously closed at $151.09.

Analysts Set New Price Targets

A number of brokerages have weighed in on DAC. Freedom Capital raised shares of Danaos from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Weiss Ratings raised shares of Danaos from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, July 28th. Three investment analysts have rated the stock with a Strong Buy rating, According to MarketBeat, the stock has an average rating of “Strong Buy”.

Danaos Stock Up 1.3%

The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 5.18 and a beta of 0.89. The stock has a 50-day moving average of $136.54 and a 200-day moving average of $125.87. The company has a current ratio of 9.30, a quick ratio of 9.15 and a debt-to-equity ratio of 0.29.

Danaos (NYSE:DAC) last issued its earnings results on Monday, August 3rd. The shipping company reported $7.29 earnings per share for the quarter, topping the consensus estimate of $6.80 by $0.49. The firm had revenue of $274.37 million for the quarter, compared to analyst estimates of $258.27 million. Danaos had a return on equity of 13.20% and a net margin of 51.26%.

Danaos Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 30th. Stockholders of record on Tuesday, July 21st were given a dividend of $0.90 per share. The ex-dividend date was Tuesday, July 21st. This represents a $3.60 annualized dividend and a dividend yield of 2.4%. Danaos’s dividend payout ratio is currently 12.18%.

Institutional Trading of Danaos

Several hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new position in Danaos in the 1st quarter valued at about $223,000. Goldman Sachs Group Inc. raised its position in shares of Danaos by 183.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 46,215 shares of the shipping company’s stock worth $3,606,000 after buying an additional 29,921 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Danaos by 39.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 82,834 shares of the shipping company’s stock worth $7,144,000 after acquiring an additional 23,593 shares during the period. Marshall Wace LLP acquired a new stake in shares of Danaos in the 2nd quarter worth approximately $276,000. Finally, Jump Financial LLC bought a new position in shares of Danaos in the second quarter valued at approximately $1,682,000. 19.01% of the stock is currently owned by institutional investors.

About Danaos

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.