Public Employees Retirement System of Ohio Makes New Investment in Danaos Co. (NYSE:DAC)

Public Employees Retirement System of Ohio purchased a new stake in shares of Danaos Co. (NYSE:DAC) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 4,139 shares of the shipping company’s stock, valued at approximately $359,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Signaturefd LLC boosted its stake in Danaos by 21.4% during the 2nd quarter. Signaturefd LLC now owns 692 shares of the shipping company’s stock valued at $64,000 after purchasing an additional 122 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Danaos by 4.9% during the third quarter. National Bank of Canada FI now owns 3,871 shares of the shipping company’s stock valued at $336,000 after buying an additional 182 shares during the last quarter. nVerses Capital LLC increased its holdings in Danaos by 75.0% in the 3rd quarter. nVerses Capital LLC now owns 700 shares of the shipping company’s stock worth $61,000 after buying an additional 300 shares in the last quarter. Morgan Dempsey Capital Management LLC raised its position in Danaos by 12.1% in the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 3,811 shares of the shipping company’s stock worth $352,000 after buying an additional 411 shares during the last quarter. Finally, Prudential PLC boosted its holdings in shares of Danaos by 8.8% during the 2nd quarter. Prudential PLC now owns 5,694 shares of the shipping company’s stock valued at $526,000 after acquiring an additional 462 shares during the last quarter. Institutional investors own 19.01% of the company’s stock.

Danaos Price Performance

NYSE DAC opened at $76.40 on Friday. The company has a 50-day moving average price of $81.88 and a 200-day moving average price of $84.41. Danaos Co. has a 52 week low of $69.33 and a 52 week high of $98.25. The company has a quick ratio of 3.78, a current ratio of 3.93 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $1.48 billion, a P/E ratio of 2.64 and a beta of 1.49.

Danaos (NYSE:DAC) last released its quarterly earnings results on Tuesday, November 12th. The shipping company reported $6.50 earnings per share for the quarter, missing the consensus estimate of $6.86 by ($0.36). The business had revenue of $256.18 million during the quarter, compared to the consensus estimate of $251.16 million. Danaos had a return on equity of 16.68% and a net margin of 56.16%. During the same quarter in the previous year, the business posted $7.26 earnings per share. Equities research analysts anticipate that Danaos Co. will post 27.56 earnings per share for the current year.

Danaos Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Monday, November 25th were given a $0.85 dividend. This is a boost from Danaos’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Monday, November 25th. This represents a $3.40 dividend on an annualized basis and a yield of 4.45%. Danaos’s dividend payout ratio is presently 11.76%.

Analyst Ratings Changes

A number of brokerages recently weighed in on DAC. StockNews.com downgraded shares of Danaos from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Jefferies Financial Group restated a “buy” rating and issued a $105.00 price target on shares of Danaos in a research note on Tuesday, November 12th.

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.