Danaos (NYSE:DAC) Sets New 52-Week High – What’s Next?

Danaos Corporation (NYSE:DAC)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $124.38 and last traded at $123.9050, with a volume of 54998 shares. The stock had previously closed at $119.77.

Analyst Upgrades and Downgrades

DAC has been the subject of several research reports. Freedom Capital upgraded Danaos to a “hold” rating in a research note on Tuesday, March 10th. Fearnley Fonds upgraded Danaos from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Danaos in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Danaos currently has a consensus rating of “Buy” and an average target price of $105.00.

Danaos Trading Up 2.4%

The company has a 50 day simple moving average of $115.39 and a 200 day simple moving average of $103.50. The company has a debt-to-equity ratio of 0.23, a quick ratio of 3.23 and a current ratio of 3.28. The company has a market capitalization of $2.38 billion, a PE ratio of 4.88 and a beta of 0.90.

Danaos (NYSE:DAC) last posted its quarterly earnings data on Monday, February 9th. The shipping company reported $7.14 EPS for the quarter, topping the consensus estimate of $6.46 by $0.68. The company had revenue of $266.27 million during the quarter, compared to analyst estimates of $253.00 million. Danaos had a return on equity of 13.31% and a net margin of 47.45%.

Danaos Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.8%. The ex-dividend date was Monday, February 23rd. Danaos’s dividend payout ratio is presently 13.44%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Ion Asset Management Ltd. grew 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 during the period. ION Fund Management Ltd purchased a new stake in shares of Danaos in the fourth quarter valued at about $39,538,000. Millennium Management LLC grew its holdings 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 valued at $11,981,000 after purchasing an additional 82,450 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Danaos by 13.8% in the fourth quarter. JPMorgan Chase & Co. now owns 111,750 shares of the shipping company’s stock valued at $10,525,000 after purchasing an additional 13,571 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Danaos by 58.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 106,089 shares of the shipping company’s stock valued at $9,991,000 after purchasing an additional 38,958 shares during the period. Institutional investors and hedge funds own 19.01% of the company’s stock.

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.