Danaos (NYSE:DAC) Reaches New 1-Year High – Should You Buy?

Danaos Corporation (NYSE:DAC)’s share price hit a new 52-week high on Thursday . The stock traded as high as $155.89 and last traded at $155.4150, with a volume of 56983 shares trading hands. The stock had previously closed at $154.69.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on DAC shares. Weiss Ratings upgraded Danaos from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, July 28th. Freedom Capital upgraded Danaos from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 5th. Three research analysts have rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Danaos presently has an average rating of “Strong Buy”.

Danaos Stock Up 0.4%

The firm’s 50 day simple moving average is $140.21 and its 200 day simple moving average is $127.85. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 5.26 and a beta of 0.87. The company has a quick ratio of 9.15, a current ratio of 9.30 and a debt-to-equity ratio of 0.29.

Danaos (NYSE:DAC) last posted its quarterly earnings data on Monday, August 3rd. The shipping company reported $7.29 earnings per share for the quarter, topping the consensus estimate of $6.80 by $0.49. The business had revenue of $274.37 million during the quarter, compared to the consensus estimate of $258.27 million. Danaos had a net margin of 51.26% and a return on equity of 13.20%.

Danaos Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 30th. Shareholders of record on Tuesday, July 21st were issued a $0.90 dividend. The ex-dividend date of this dividend was Tuesday, July 21st. This represents a $3.60 annualized dividend and a dividend yield of 2.3%. Danaos’s dividend payout ratio is currently 12.18%.

Institutional Trading of Danaos

Hedge funds have recently bought and sold shares of the company. ION Fund Management Ltd acquired a new position in Danaos in the 4th quarter worth approximately $39,538,000. Ion Asset Management Ltd. lifted its holdings in shares of Danaos by 15.5% in the second quarter. Ion Asset Management Ltd. now owns 654,308 shares of the shipping company’s stock valued at $56,428,000 after purchasing an additional 87,614 shares in the last quarter. Millennium Management LLC boosted its position in shares of Danaos by 161.8% in the third quarter. Millennium Management LLC now owns 133,401 shares of the shipping company’s stock worth $11,981,000 after buying an additional 82,450 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Danaos by 117.1% during the first quarter. Renaissance Technologies LLC now owns 83,800 shares of the shipping company’s stock valued at $9,439,000 after buying an additional 45,200 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Danaos by 58.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 106,089 shares of the shipping company’s stock valued at $9,991,000 after buying an additional 38,958 shares during the period. 19.01% of the stock is owned by hedge funds and other institutional investors.

About Danaos

Danaos Corporation is a leading independent owner and manager of containerships, specializing in long-term charters of modern vessels to major liner companies worldwide. The company’s core services include vessel acquisition and sale, technical and crew management, and commercial chartering, all aimed at supporting global containerized trade. Danaos leverages its in-house expertise in operations, maintenance and regulatory compliance to ensure reliable and efficient fleet performance.

Founded in 1972 by Dr.