Ballentine Partners LLC Takes $233,000 Position in Danaos Co. (NYSE:DAC)

Ballentine Partners LLC bought a new position in shares of Danaos Co. (NYSE:DAC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,518 shares of the shipping company’s stock, valued at approximately $233,000.

Several other institutional investors and hedge funds have also made changes to their positions in DAC. Acadian Asset Management LLC lifted its holdings in Danaos by 33.5% in the 2nd quarter. Acadian Asset Management LLC now owns 788,905 shares of the shipping company’s stock worth $72,823,000 after buying an additional 197,904 shares in the last quarter. National Bank of Canada FI lifted its stake in shares of Danaos by 7.5% in the second quarter. National Bank of Canada FI now owns 3,689 shares of the shipping company’s stock worth $339,000 after acquiring an additional 257 shares in the last quarter. Privium Fund Management UK Ltd purchased a new position in Danaos in the second quarter valued at about $201,000. Fiera Capital Corp grew its stake in Danaos by 7.0% during the 2nd quarter. Fiera Capital Corp now owns 17,468 shares of the shipping company’s stock valued at $1,613,000 after purchasing an additional 1,146 shares in the last quarter. Finally, nVerses Capital LLC acquired a new stake in Danaos during the 2nd quarter valued at approximately $37,000. 19.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Jefferies Financial Group increased their target price on Danaos from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th.

Danaos Price Performance

Shares of DAC stock opened at $78.29 on Thursday. The firm has a fifty day moving average of $83.44 and a two-hundred day moving average of $81.60. The firm has a market cap of $1.52 billion, a P/E ratio of 2.66 and a beta of 1.47. Danaos Co. has a 1-year low of $62.37 and a 1-year high of $98.25. The company has a debt-to-equity ratio of 0.17, a current ratio of 4.18 and a quick ratio of 4.04.

Danaos (NYSE:DAC) last issued its quarterly earnings results on Monday, August 5th. The shipping company reported $6.78 EPS for the quarter, missing the consensus estimate of $7.04 by ($0.26). The company had revenue of $246.31 million for the quarter, compared to the consensus estimate of $238.83 million. Danaos had a return on equity of 17.88% and a net margin of 58.15%. During the same period in the previous year, the business posted $7.14 EPS. As a group, research analysts anticipate that Danaos Co. will post 28.43 earnings per share for the current fiscal year.

Danaos Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Tuesday, August 20th were issued a $0.80 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 4.09%. Danaos’s dividend payout ratio (DPR) is 10.86%.

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.