Danaos (NYSE:DAC) Stock Crosses Above Two Hundred Day Moving Average on Disappointing Earnings

Danaos Co. (NYSE:DAC)’s share price crossed above its 200-day moving average during trading on Monday after the company announced better than expected quarterly earnings. The stock has a 200-day moving average of $81.49 and traded as high as $81.64. Danaos shares last traded at $80.95, with a volume of 155,020 shares.

The shipping company reported $6.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.02). Danaos had a return on equity of 16.68% and a net margin of 56.16%.

Danaos Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 5th. Investors of record on Monday, February 24th will be paid a $0.85 dividend. The ex-dividend date is Monday, February 24th. This represents a $3.40 dividend on an annualized basis and a yield of 4.04%. Danaos’s payout ratio is currently 11.76%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on DAC shares. StockNews.com lowered shares of Danaos from a “buy” rating to a “hold” rating in a 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 report on Tuesday.

Hedge Funds Weigh In On Danaos

Large investors have recently made changes to their positions in the company. Sei Investments Co. lifted its holdings in Danaos by 12.8% in the fourth quarter. Sei Investments Co. now owns 32,629 shares of the shipping company’s stock valued at $2,613,000 after buying an additional 3,696 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Danaos by 2.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 26,908 shares of the shipping company’s stock valued at $2,334,000 after acquiring an additional 766 shares during the last quarter. State Street Corp lifted its stake in shares of Danaos by 2.3% in the 3rd quarter. State Street Corp now owns 24,098 shares of the shipping company’s stock valued at $2,090,000 after purchasing an additional 547 shares during the period. DGS Capital Management LLC boosted its position in shares of Danaos by 71.6% in the 4th quarter. DGS Capital Management LLC now owns 23,945 shares of the shipping company’s stock worth $1,917,000 after purchasing an additional 9,994 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Danaos by 61.7% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 13,697 shares of the shipping company’s stock worth $1,097,000 after purchasing an additional 5,228 shares during the period. Institutional investors and hedge funds own 19.01% of the company’s stock.

Danaos Stock Up 3.9 %

The business has a fifty day moving average of $79.22 and a 200 day moving average of $81.47. 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 cap of $1.63 billion, a P/E ratio of 2.91 and a beta of 1.42.

Danaos Company Profile

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.