Danaos (NYSE:DAC) Posts Quarterly Earnings Results, Beats Estimates By $0.68 EPS

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

Danaos Price Performance

NYSE DAC traded down $1.14 on Friday, reaching $111.22. 2,497 shares of the company’s stock traded hands, compared to its average volume of 86,157. Danaos has a 12 month low of $65.40 and a 12 month high of $118.82. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.28 and a quick ratio of 3.23. The stock has a 50-day simple moving average of $108.02 and a 200 day simple moving average of $98.30. The stock has a market cap of $2.02 billion, a PE ratio of 4.15 and a beta of 0.98.

Danaos Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Monday, February 23rd were given a $0.90 dividend. The ex-dividend date was Monday, February 23rd. This represents a $3.60 dividend on an annualized basis and a yield of 3.2%. Danaos’s payout ratio is presently 13.44%.

Institutional Investors Weigh In On Danaos

Hedge funds and other institutional investors have recently modified their holdings of the stock. ION Fund Management Ltd purchased a new stake in Danaos in the 4th quarter worth approximately $39,538,000. Ion Asset Management Ltd. boosted its holdings in 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 acquiring an additional 87,614 shares in the last quarter. Millennium Management LLC boosted its holdings in 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 acquiring an additional 82,450 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Danaos by 58.0% during the 4th 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. Finally, Lazard Asset Management LLC purchased a new position in Danaos during the 3rd quarter valued at $2,541,000. Institutional investors own 19.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on DAC. Weiss Ratings reiterated a “buy (b)” rating on shares of Danaos in a research report on Wednesday, January 21st. Freedom Capital upgraded shares of Danaos to a “hold” rating in a research report on Tuesday, March 10th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.00.

Danaos Company Profile

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.