JPMorgan Chase & Co. Grows Stock Holdings in Danaos Co. (NYSE:DAC)

JPMorgan Chase & Co. lifted its position in Danaos Co. (NYSE:DAC) by 71.8% in the fourth quarter, Holdings Channel reports. The firm owned 51,291 shares of the shipping company’s stock after buying an additional 21,430 shares during the period. JPMorgan Chase & Co.’s holdings in Danaos were worth $4,107,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Danaos by 37.7% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company’s stock worth $117,000 after buying an additional 400 shares during the period. Allworth Financial LP grew its holdings in Danaos by 340.1% during the 4th quarter. Allworth Financial LP now owns 1,941 shares of the shipping company’s stock worth $149,000 after acquiring an additional 1,500 shares in the last quarter. Avior Wealth Management LLC increased its position in Danaos by 24.1% during the 4th quarter. Avior Wealth Management LLC now owns 2,321 shares of the shipping company’s stock valued at $186,000 after purchasing an additional 451 shares during the period. Ballentine Partners LLC raised its holdings in shares of Danaos by 18.1% in the 4th quarter. Ballentine Partners LLC now owns 3,053 shares of the shipping company’s stock valued at $244,000 after purchasing an additional 467 shares in the last quarter. Finally, LPL Financial LLC boosted its stake in shares of Danaos by 19.0% during the fourth quarter. LPL Financial LLC now owns 3,995 shares of the shipping company’s stock valued at $320,000 after purchasing an additional 637 shares in the last quarter. Institutional investors own 19.01% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on DAC. Jefferies Financial Group restated a “buy” rating and set a $105.00 target price on shares of Danaos in a report on Tuesday, February 11th. StockNews.com raised Danaos from a “hold” rating to a “buy” rating in a research report on Monday, March 10th.

Danaos Trading Up 1.3 %

NYSE:DAC opened at $77.03 on Friday. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of 2.97 and a beta of 1.32. Danaos Co. has a 52 week low of $65.40 and a 52 week high of $98.25. The company has a quick ratio of 3.78, a current ratio of 3.93 and a debt-to-equity ratio of 0.19. The firm has a 50 day moving average of $78.57 and a 200 day moving average of $80.29.

Danaos (NYSE:DAC) last posted its quarterly earnings data on Monday, February 10th. The shipping company reported $6.50 earnings per share for the quarter, missing analysts’ consensus estimates 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, sell-side analysts anticipate that Danaos Co. will post 29.21 earnings per share for the current fiscal year.

Danaos Dividend Announcement

The business also recently disclosed 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 4.41%. The ex-dividend date was Monday, February 24th. Danaos’s payout ratio is currently 13.12%.

Danaos declared that its Board of Directors has initiated a share buyback plan on Monday, April 14th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the shipping company to buy up to 6.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Danaos Company 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.