Danaos (NYSE:DAC) Trading Up 3% Following Dividend Announcement

Shares of Danaos Co. (NYSE:DACGet Free Report) shot up 3% during mid-day trading on Wednesday after the company announced a dividend. The stock traded as high as $90.79 and last traded at $90.58. 71,096 shares were traded during mid-day trading, a decline of 32% from the average session volume of 104,608 shares. The stock had previously closed at $87.95.

The newly announced dividend which will be paid on Thursday, June 20th. Investors of record on Tuesday, June 11th will be issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend is Tuesday, June 11th. Danaos’s dividend payout ratio (DPR) is presently 10.86%.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group boosted their price target on shares of Danaos from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday.

Read Our Latest Report on DAC

Danaos Trading Up 2.9 %

The stock has a market cap of $1.83 billion, a PE ratio of 3.20 and a beta of 1.30. The company has a current ratio of 2.98, a quick ratio of 2.84 and a debt-to-equity ratio of 0.13. The firm has a fifty day simple moving average of $78.27 and a two-hundred day simple moving average of $74.46.

Danaos (NYSE:DACGet Free Report) last announced its earnings results on Tuesday, May 28th. The shipping company reported $7.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.71 by ($0.56). The company had revenue of $253.45 million for the quarter. Danaos had a net margin of 59.04% and a return on equity of 19.40%. During the same period in the previous year, the firm posted $7.14 EPS. As a group, equities analysts expect that Danaos Co. will post 31.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. lifted its stake in Danaos by 4.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 3,911 shares of the shipping company’s stock worth $290,000 after purchasing an additional 150 shares during the last quarter. Signaturefd LLC boosted its stake in Danaos by 45.2% in the third quarter. Signaturefd LLC now owns 524 shares of the shipping company’s stock worth $35,000 after buying an additional 163 shares in the last quarter. Parallel Advisors LLC grew its position in Danaos by 79.3% during the fourth quarter. Parallel Advisors LLC now owns 382 shares of the shipping company’s stock valued at $28,000 after acquiring an additional 169 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Danaos by 14.2% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,600 shares of the shipping company’s stock worth $118,000 after acquiring an additional 199 shares in the last quarter. Finally, Blue Trust Inc. purchased a new stake in shares of Danaos in the 4th quarter valued at $25,000. 19.01% of the stock is currently owned by hedge funds and other institutional investors.

Danaos Company Profile

(Get Free Report)

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.

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