Danaos (NYSE:DAC) Sets New 1-Year High Following Dividend Announcement

Danaos Corporation (NYSE:DAC)’s stock price hit a new 52-week high during mid-day trading on Friday after the company announced a dividend. The stock traded as high as $164.00 and last traded at $163.9110, with a volume of 75609 shares trading hands. The stock had previously closed at $161.74.

The newly announced dividend which will be paid on Thursday, October 22nd. Stockholders of record on Tuesday, October 13th will be paid a dividend of $1.00 per share. The ex-dividend date is Tuesday, October 13th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Danaos’s previous quarterly dividend of $0.90. Danaos’s dividend payout ratio is 12.18%.

Wall Street Analyst Weigh In

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

Danaos Stock Performance

The stock’s 50-day moving average price is $149.49 and its 200-day moving average price is $132.90. The company has a market cap of $2.99 billion, a P/E ratio of 5.55 and a beta of 0.87. The company has a debt-to-equity ratio of 0.29, a current ratio of 9.30 and a quick ratio of 9.15.

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

Institutional Investors Weigh In On Danaos

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

Danaos Company Profile

Danaos Corporation is a Greece-based international owner and operator of containerships. The company provides vessels for the transportation of containerized cargo and generally charters its ships to major liner companies, which use them to serve global trade routes.

Founded in 1972, Danaos has developed a fleet serving customers across major shipping markets and geographic regions. Its operations support the movement of manufactured goods, consumer products, industrial materials and other cargo transported in standardized shipping containers.

Danaos is headquartered in Piraeus, Greece, and its management is led by Dr.