Oppenheimer & Co. Inc. Invests $935,000 in Danaos Co. (NYSE:DAC)

Oppenheimer & Co. Inc. bought a new position in shares of Danaos Co. (NYSE:DAC) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,776 shares of the shipping company’s stock, valued at approximately $935,000. Oppenheimer & Co. Inc. owned about 0.06% of Danaos at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. nVerses Capital LLC bought a new position in shares of Danaos in the 2nd quarter valued at about $37,000. Farther Finance Advisors LLC acquired a new position in shares of Danaos during the 3rd quarter worth approximately $53,000. Signaturefd LLC increased its position in shares of Danaos by 21.4% during the 2nd quarter. Signaturefd LLC now owns 692 shares of the shipping company’s stock worth $64,000 after purchasing an additional 122 shares during the last quarter. Mather Group LLC. bought a new stake in shares of Danaos during the 2nd quarter worth approximately $76,000. Finally, Blue Trust Inc. boosted its holdings in shares of Danaos by 7,620.0% in the 2nd quarter. Blue Trust Inc. now owns 1,158 shares of the shipping company’s stock valued at $107,000 after buying an additional 1,143 shares during the last quarter. Institutional investors own 19.01% of the company’s stock.

Danaos Stock Down 0.1 %

DAC opened at $86.28 on Wednesday. The stock’s fifty day simple moving average is $83.35 and its 200 day simple moving average is $85.39. Danaos Co. has a 1-year low of $66.45 and a 1-year high of $98.25. The stock has a market cap of $1.68 billion, a PE ratio of 2.98 and a beta of 1.47. The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19.

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

Danaos Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Monday, November 25th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.94%. This is a positive change from Danaos’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Monday, November 25th. Danaos’s dividend payout ratio is currently 11.07%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. StockNews.com downgraded shares of Danaos from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $105.00 target price on shares of Danaos in a report 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.