Prudential PLC Boosts Stake in Danaos Co. (NYSE:DAC)

Prudential PLC grew its stake in Danaos Co. (NYSE:DAC) by 8.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,694 shares of the shipping company’s stock after buying an additional 462 shares during the period. Prudential PLC’s holdings in Danaos were worth $526,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Acadian Asset Management LLC raised its holdings in shares of Danaos by 33.5% during the second quarter. Acadian Asset Management LLC now owns 788,905 shares of the shipping company’s stock worth $72,823,000 after purchasing an additional 197,904 shares during the last quarter. Foundry Partners LLC raised its holdings in shares of Danaos by 11.8% during the first quarter. Foundry Partners LLC now owns 86,893 shares of the shipping company’s stock worth $6,274,000 after purchasing an additional 9,182 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Danaos by 1.3% during the first quarter. Commonwealth Equity Services LLC now owns 77,365 shares of the shipping company’s stock worth $5,586,000 after purchasing an additional 975 shares during the last quarter. Significant Wealth Partners LLC raised its holdings in shares of Danaos by 1,048.0% during the first quarter. Significant Wealth Partners LLC now owns 43,798 shares of the shipping company’s stock worth $3,162,000 after purchasing an additional 39,983 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Danaos by 32.5% during the first quarter. Russell Investments Group Ltd. now owns 38,758 shares of the shipping company’s stock worth $2,819,000 after purchasing an additional 9,506 shares during the last quarter. Hedge funds and other institutional investors own 19.01% of the company’s stock.

Danaos Stock Up 0.1 %

DAC opened at $78.76 on Friday. Danaos Co. has a fifty-two week low of $62.37 and a fifty-two week high of $98.25. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.04 and a current ratio of 4.18. The company has a fifty day moving average of $82.94 and a two-hundred day moving average of $81.62. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 2.67 and a beta of 1.47.

Danaos (NYSE:DAC) last released its quarterly earnings data on Monday, August 5th. The shipping company reported $6.78 earnings per share for the quarter, missing analysts’ consensus estimates of $7.04 by ($0.26). Danaos had a net margin of 58.15% and a return on equity of 17.88%. The firm had revenue of $246.31 million during the quarter, compared to analysts’ expectations of $238.83 million. During the same period in the previous year, the firm posted $7.14 EPS. On average, research analysts expect that Danaos Co. will post 28.43 earnings per share for the current year.

Danaos Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders 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 yield of 4.06%. Danaos’s payout ratio is 10.86%.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group raised their target price on shares of Danaos from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, May 28th.

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.