Danaos (NYSE:DAC) Issues Quarterly Earnings Results

Danaos (NYSE:DAC) announced its quarterly earnings data on Monday. The shipping company reported $6.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.17 by ($0.42), Zacks reports. Danaos had a net margin of 44.62% and a return on equity of 13.88%.

Danaos Trading Up 1.0%

Shares of NYSE:DAC traded up $0.91 on Monday, hitting $95.52. The company had a trading volume of 71,865 shares, compared to its average volume of 86,342. Danaos has a 1 year low of $65.40 and a 1 year 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 firm’s 50-day simple moving average is $90.56 and its two-hundred day simple moving average is $89.33. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of 3.94 and a beta of 1.49.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in DAC. Qube Research & Technologies Ltd purchased a new position in shares of Danaos in the 3rd quarter valued at approximately $1,329,000. Public Employees Retirement System of Ohio raised its holdings in Danaos by 557.2% in the third quarter. Public Employees Retirement System of Ohio now owns 2,149 shares of the shipping company’s stock worth $193,000 after purchasing an additional 1,822 shares in the last quarter. Millennium Management LLC lifted its position in Danaos by 161.8% during the third quarter. Millennium Management LLC now owns 133,401 shares of the shipping company’s stock valued at $11,981,000 after buying an additional 82,450 shares during the period. Bank of America Corp DE boosted its holdings in shares of Danaos by 20.3% during the 3rd quarter. Bank of America Corp DE now owns 69,270 shares of the shipping company’s stock valued at $6,221,000 after buying an additional 11,672 shares in the last quarter. Finally, Aquatic Capital Management LLC boosted its holdings in shares of Danaos by 18.4% during the 3rd quarter. Aquatic Capital Management LLC now owns 5,390 shares of the shipping company’s stock valued at $484,000 after buying an additional 837 shares in the last quarter. Institutional investors own 19.01% of the company’s stock.

Analyst Upgrades and Downgrades

DAC has been the subject of a number of analyst reports. Jefferies Financial Group reissued a “buy” rating and set a $105.00 price objective on shares of Danaos in a research note on Tuesday, August 5th. Weiss Ratings reissued a “buy (b)” rating on shares of Danaos in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $105.00.

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.