Danaos (NYSE:DAC) Hits New 12-Month Low – Time to Sell?

Danaos Co. (NYSE:DAC)’s share price hit a new 52-week low on Thursday . The company traded as low as $65.40 and last traded at $71.76, with a volume of 164494 shares traded. The stock had previously closed at $66.47.

Analyst Upgrades and Downgrades

DAC has been the subject of several research analyst reports. StockNews.com upgraded shares of Danaos from a “hold” rating to a “buy” rating in a research report on Monday, March 10th. Jefferies Financial Group reissued a “buy” rating and set a $105.00 target price on shares of Danaos in a research note on Tuesday, February 11th.

Danaos Price Performance

The stock has a 50-day moving average price of $79.30 and a 200 day moving average price of $80.82. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.93 and a quick ratio of 3.78. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 2.77 and a beta of 1.32.

Danaos (NYSE:DAC) last announced its quarterly earnings results on Monday, February 10th. The shipping company reported $6.50 EPS for the quarter, missing the consensus estimate of $6.52 by ($0.02). Danaos had a return on equity of 16.03% and a net margin of 49.81%. As a group, equities research analysts forecast that Danaos Co. will post 29.21 earnings per share for the current fiscal year.

Danaos Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Monday, February 24th were given a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 4.74%. The ex-dividend date was Monday, February 24th. Danaos’s dividend payout ratio (DPR) is currently 13.12%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. National Bank of Canada FI raised its position in Danaos by 4.9% in the third quarter. National Bank of Canada FI now owns 3,871 shares of the shipping company’s stock valued at $336,000 after purchasing an additional 182 shares during the period. Advisory Research Inc. raised its position in Danaos by 0.9% in the fourth quarter. Advisory Research Inc. now owns 23,116 shares of the shipping company’s stock valued at $1,851,000 after purchasing an additional 207 shares during the period. GAMMA Investing LLC raised its position in Danaos by 7,700.0% in the first quarter. GAMMA Investing LLC now owns 390 shares of the shipping company’s stock valued at $30,000 after purchasing an additional 385 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its position in Danaos by 37.7% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company’s stock valued at $117,000 after purchasing an additional 400 shares during the period. Finally, Summit Securities Group LLC purchased a new position in Danaos in the fourth quarter valued at about $32,000. 19.01% of the stock is owned by hedge funds and other institutional investors.

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.