Danaos (NYSE:DAC) Reaches New 1-Year High – Still a Buy?

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

Analyst Ratings Changes

Several analysts have issued reports on the stock. Freedom Capital raised shares of Danaos from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 5th. Weiss Ratings upgraded Danaos from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, July 28th. Three analysts have rated the stock with a Strong Buy rating, According to MarketBeat.com, Danaos currently has a consensus rating of “Strong Buy”.

Danaos Trading Up 1.2%

The firm has a market capitalization of $2.89 billion, a P/E ratio of 5.37 and a beta of 0.87. The stock has a 50-day simple moving average of $141.58 and a two-hundred day simple moving average of $128.39. The company has a current ratio of 9.30, a quick ratio of 9.15 and a debt-to-equity ratio of 0.29.

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

Danaos Announces Dividend

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

Institutional Investors Weigh In On Danaos

Large investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC purchased a new stake in shares of Danaos in the 1st quarter worth approximately $223,000. Goldman Sachs Group Inc. increased its holdings in Danaos by 183.6% during the first quarter. Goldman Sachs Group Inc. now owns 46,215 shares of the shipping company’s stock valued at $3,606,000 after buying an additional 29,921 shares during the period. JPMorgan Chase & Co. increased its holdings in Danaos by 39.8% during the second quarter. JPMorgan Chase & Co. now owns 82,834 shares of the shipping company’s stock valued at $7,144,000 after buying an additional 23,593 shares during the period. Marshall Wace LLP bought a new position in Danaos in the second quarter worth approximately $276,000. Finally, Jump Financial LLC bought a new position in Danaos in the second quarter worth approximately $1,682,000. Institutional investors own 19.01% of the company’s stock.

About Danaos

Danaos Corporation (NYSE: DAC) is a Greek-based owner and operator of containerships. The company provides marine transportation services by chartering its vessels to major container-shipping companies, which use them to transport manufactured goods, commodities and other cargo on international trade routes.

Founded in 1972, Danaos has developed a globally deployed fleet serving the liner shipping industry. Its vessels operate across major maritime regions and support container trade between Asia, Europe, North America and other international markets.