National Bank of Canada FI Acquires 120 Shares of Danaos Corporation (NYSE:DAC)

National Bank of Canada FI raised its stake in shares of Danaos Corporation (NYSE:DAC) by 3.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,914 shares of the shipping company’s stock after purchasing an additional 120 shares during the period. National Bank of Canada FI’s holdings in Danaos were worth $305,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Ion Asset Management Ltd. boosted its holdings in Danaos by 47.8% in the fourth quarter. Ion Asset Management Ltd. now owns 566,050 shares of the shipping company’s stock valued at $45,324,000 after acquiring an additional 183,050 shares during the last quarter. Bastion Asset Management Inc. acquired a new position in shares of Danaos in the 4th quarter worth approximately $3,736,000. No Street GP LP boosted its stake in shares of Danaos by 11.1% in the 4th quarter. No Street GP LP now owns 250,000 shares of the shipping company’s stock valued at $20,018,000 after purchasing an additional 25,000 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Danaos by 71.8% during the fourth quarter. JPMorgan Chase & Co. now owns 51,291 shares of the shipping company’s stock worth $4,107,000 after buying an additional 21,430 shares during the period. Finally, Voloridge Investment Management LLC raised its stake in Danaos by 20.4% during the fourth quarter. Voloridge Investment Management LLC now owns 103,937 shares of the shipping company’s stock worth $8,322,000 after buying an additional 17,643 shares during the last quarter. 19.01% of the stock is currently owned by institutional investors.

Danaos Price Performance

Danaos stock opened at $92.73 on Friday. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 3.82 and a beta of 1.42. Danaos Corporation has a 52-week low of $65.40 and a 52-week high of $96.47. The company has a debt-to-equity ratio of 0.20, a quick ratio of 5.21 and a current ratio of 5.36. The stock’s 50 day moving average price is $89.65 and its two-hundred day moving average price is $83.67.

Danaos (NYSE:DAC) last issued its earnings results on Monday, August 4th. The shipping company reported $6.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.52 by ($0.16). The company had revenue of $262.15 million for the quarter, compared to the consensus estimate of $247.26 million. Danaos had a return on equity of 13.88% and a net margin of 44.62%. On average, equities analysts predict that Danaos Corporation will post 29.21 earnings per share for the current year.

Danaos Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Tuesday, August 19th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, August 19th. Danaos’s payout ratio is presently 14.02%.

Wall Street Analyst Weigh In

DAC has been the topic of a number of research analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and set a $105.00 price target on shares of Danaos in a research report on Tuesday, August 5th. Wall Street Zen lowered Danaos from a “buy” rating to a “hold” rating in a research report on Wednesday, May 14th.

About Danaos

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.