Danaos (NYSE:DAC) Hits New 1-Year High After Earnings Beat

Danaos Corporation (NYSE:DAC) hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $106.99 and last traded at $105.8490, with a volume of 13323 shares trading hands. The stock had previously closed at $103.00.

The shipping company reported $7.14 earnings per share for the quarter, topping the consensus estimate of $6.46 by $0.68. The business had revenue of $266.27 million for the quarter, compared to analysts’ expectations of $253.00 million. Danaos had a net margin of 45.16% and a return on equity of 13.49%.

Danaos Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Monday, February 23rd will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, February 23rd. Danaos’s dividend payout ratio (DPR) is presently 14.37%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Danaos in a research report on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $105.00.

Institutional Investors Weigh In On Danaos

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Assetmark Inc. boosted its stake in shares of Danaos by 15,500.0% during the 2nd quarter. Assetmark Inc. now owns 468 shares of the shipping company’s stock worth $40,000 after purchasing an additional 465 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Danaos during the second quarter valued at approximately $64,000. Tower Research Capital LLC TRC purchased a new position in shares of Danaos during the second quarter valued at approximately $67,000. Farther Finance Advisors LLC grew its stake in shares of Danaos by 165.0% during the fourth quarter. Farther Finance Advisors LLC now owns 779 shares of the shipping company’s stock valued at $73,000 after buying an additional 485 shares during the last quarter. Finally, TD Waterhouse Canada Inc. purchased a new stake in shares of Danaos in the second quarter worth approximately $107,000. Hedge funds and other institutional investors own 19.01% of the company’s stock.

Danaos Stock Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 4.62 and a quick ratio of 4.51. The stock has a market capitalization of $2.02 billion, a PE ratio of 4.22 and a beta of 1.08. The firm has a fifty day moving average price of $97.98 and a two-hundred day moving average price of $94.13.

Danaos Company Profile

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.