Danaos (NYSE:DAC) Reaches New 1-Year High – Here’s Why

Danaos Corporation (NYSE:DAC)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $159.73 and last traded at $159.5590, with a volume of 133927 shares changing hands. The stock had previously closed at $158.26.

Analyst Upgrades and Downgrades

Several research firms have issued reports on DAC. Freedom Capital upgraded Danaos from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 5th. Weiss Ratings raised Danaos from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, July 28th. Three analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Strong Buy”.

Danaos Stock Performance

The stock’s 50 day moving average price is $144.27 and its two-hundred day moving average price is $129.79. The company has a current ratio of 9.30, a quick ratio of 9.15 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of 5.49 and a beta of 0.87.

Danaos (NYSE:DAC) last announced its quarterly earnings data on Monday, August 3rd. The shipping company reported $7.29 EPS for the quarter, beating the consensus estimate of $6.80 by $0.49. The firm had revenue of $274.37 million during the quarter, compared to analysts’ expectations of $258.27 million. Danaos had a net margin of 51.26% and a return on equity of 13.20%.

Danaos Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 30th. Shareholders of record on Tuesday, July 21st were issued a $0.90 dividend. The ex-dividend date of this dividend was Tuesday, July 21st. This represents a $3.60 dividend on an annualized basis and a yield of 2.2%. Danaos’s dividend payout ratio (DPR) is 12.18%.

Institutional Investors Weigh In On Danaos

Several institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its position in Danaos by 117.1% during the 1st quarter. Renaissance Technologies LLC now owns 83,800 shares of the shipping company’s stock worth $9,439,000 after purchasing an additional 45,200 shares in the last quarter. Sei Investments Co. lifted its holdings in Danaos by 99.1% in the 1st quarter. Sei Investments Co. now owns 44,248 shares of the shipping company’s stock valued at $4,984,000 after purchasing an additional 22,028 shares in the last quarter. Allianz Asset Management GmbH purchased a new position in Danaos in the 2nd quarter valued at about $1,716,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Danaos during the 2nd quarter worth about $1,519,000. Finally, Midwest Professional Planners LTD. boosted its stake in shares of Danaos by 225.1% during the 2nd quarter. Midwest Professional Planners LTD. now owns 16,855 shares of the shipping company’s stock worth $2,063,000 after purchasing an additional 11,670 shares during the last quarter. Hedge funds and other institutional investors own 19.01% of the company’s stock.

About Danaos

Danaos Corporation (NYSE: DAC) is a Greek-based owner and operator of containerships. The company provides marine transportation services by chartering its vessels to major container-shipping companies, which use them to transport manufactured goods, commodities and other cargo on international trade routes.

Founded in 1972, Danaos has developed a globally deployed fleet serving the liner shipping industry. Its vessels operate across major maritime regions and support container trade between Asia, Europe, North America and other international markets.