Blue Trust Inc. Lowers Position in Danaos Corporation $DAC

Blue Trust Inc. cut its holdings in Danaos Corporation (NYSE:DAC) by 88.7% in the second quarter, Holdings Channel reports. The fund owned 648 shares of the shipping company’s stock after selling 5,108 shares during the quarter. Blue Trust Inc.’s holdings in Danaos were worth $56,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its stake in Danaos by 183.6% in the first quarter. Goldman Sachs Group Inc. now owns 46,215 shares of the shipping company’s stock worth $3,606,000 after acquiring an additional 29,921 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Danaos during the second quarter valued at about $2,277,000. Vident Advisory LLC lifted its position in shares of Danaos by 43.6% during the first quarter. Vident Advisory LLC now owns 20,318 shares of the shipping company’s stock valued at $1,586,000 after buying an additional 6,170 shares during the last quarter. XTX Topco Ltd lifted its position in shares of Danaos by 119.0% during the first quarter. XTX Topco Ltd now owns 20,207 shares of the shipping company’s stock valued at $1,577,000 after buying an additional 10,981 shares during the last quarter. Finally, Redhawk Wealth Advisors Inc. lifted its position in shares of Danaos by 1.5% during the second quarter. Redhawk Wealth Advisors Inc. now owns 12,594 shares of the shipping company’s stock valued at $1,086,000 after buying an additional 185 shares during the last quarter. 19.01% of the stock is owned by hedge funds and other institutional investors.

Danaos Stock Performance

DAC opened at $86.69 on Friday. Danaos Corporation has a 52-week low of $65.40 and a 52-week high of $96.47. The company has a quick ratio of 5.21, a current ratio of 5.36 and a debt-to-equity ratio of 0.20. The company has a market cap of $1.65 billion, a P/E ratio of 3.57 and a beta of 1.45. The firm’s 50-day moving average price is $91.54 and its 200-day moving average price is $86.95.

Danaos (NYSE:DAC) last posted its quarterly earnings data on Monday, August 4th. The shipping company reported $6.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.52 by ($0.16). Danaos had a net margin of 44.62% and a return on equity of 13.88%. The company had revenue of $262.15 million for the quarter, compared to analyst estimates of $247.26 million. As a group, equities analysts anticipate that Danaos Corporation will post 29.21 EPS for the current fiscal year.

Danaos Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Tuesday, August 19th were issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.9%. The ex-dividend date was Tuesday, August 19th. Danaos’s dividend payout ratio is 14.02%.

Wall Street Analyst Weigh In

Several research firms have commented on DAC. Weiss Ratings reissued a “buy (b)” rating on shares of Danaos in a research report on Wednesday, October 8th. Jefferies Financial Group reissued a “buy” rating and set a $105.00 price target on shares of Danaos in a research report on Tuesday, August 5th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $105.00.

Danaos 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.