State Street Corp Buys 547 Shares of Danaos Co. (NYSE:DAC)

State Street Corp lifted its stake in shares of Danaos Co. (NYSE:DAC) by 2.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,098 shares of the shipping company’s stock after acquiring an additional 547 shares during the quarter. State Street Corp’s holdings in Danaos were worth $2,090,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Signaturefd LLC boosted its holdings in Danaos by 21.4% during the second quarter. Signaturefd LLC now owns 692 shares of the shipping company’s stock valued at $64,000 after acquiring an additional 122 shares during the period. National Bank of Canada FI boosted its stake in Danaos by 7.5% during the 2nd quarter. National Bank of Canada FI now owns 3,689 shares of the shipping company’s stock valued at $339,000 after purchasing an additional 257 shares during the period. nVerses Capital LLC boosted its stake in Danaos by 75.0% during the 3rd quarter. nVerses Capital LLC now owns 700 shares of the shipping company’s stock valued at $61,000 after purchasing an additional 300 shares during the period. Morgan Dempsey Capital Management LLC grew its holdings 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 valued at $352,000 after buying an additional 411 shares during the last quarter. Finally, Prudential PLC increased its position in Danaos by 8.8% in the 2nd quarter. Prudential PLC now owns 5,694 shares of the shipping company’s stock worth $526,000 after buying an additional 462 shares during the period. Institutional investors and hedge funds own 19.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group reissued a “buy” rating and issued a $105.00 price objective on shares of Danaos in a research report on Tuesday, November 12th. StockNews.com cut shares of Danaos from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th.

Danaos Stock Up 1.6 %

NYSE DAC opened at $80.07 on Thursday. Danaos Co. has a twelve month low of $69.33 and a twelve month high of $98.25. The stock has a market cap of $1.55 billion, a PE ratio of 2.77 and a beta of 1.49. The firm has a 50-day simple moving average of $81.18 and a 200 day simple moving average of $83.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.78 and a current ratio of 3.93.

Danaos (NYSE:DAC) last announced its quarterly earnings data on Tuesday, November 12th. The shipping company reported $6.50 EPS for the quarter, missing analysts’ consensus estimates of $6.86 by ($0.36). The firm 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 prior year, the business posted $7.26 EPS. On average, research analysts forecast that Danaos Co. will post 27.56 EPS for the current year.

Danaos Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Monday, November 25th were paid a dividend of $0.85 per share. 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 4.25%. This is an increase from Danaos’s previous quarterly dividend of $0.80. Danaos’s payout ratio is currently 11.76%.

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.