Bastion Asset Management Inc. Sells 27,444 Shares of Danaos Corporation $DAC

Bastion Asset Management Inc. lessened its position in Danaos Corporation (NYSE:DAC) by 73.2% in the third quarter, Holdings Channel.com reports. The firm owned 10,070 shares of the shipping company’s stock after selling 27,444 shares during the quarter. Bastion Asset Management Inc.’s holdings in Danaos were worth $893,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Assetmark Inc. grew its holdings in shares of Danaos by 15,500.0% during the second quarter. Assetmark Inc. now owns 468 shares of the shipping company’s stock worth $40,000 after purchasing an additional 465 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Danaos during the 2nd quarter worth approximately $64,000. Tower Research Capital LLC TRC bought a new stake in Danaos during the 2nd quarter worth approximately $67,000. TD Waterhouse Canada Inc. acquired a new position in Danaos in the 2nd quarter valued at approximately $107,000. Finally, State of Wyoming raised its stake in shares of Danaos by 205.3% during the second quarter. State of Wyoming now owns 2,128 shares of the shipping company’s stock valued at $184,000 after acquiring an additional 1,431 shares during the last quarter. 19.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Danaos in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $105.00.

Danaos Stock Up 2.7%

Danaos stock opened at $107.91 on Monday. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of 4.03 and a beta of 1.08. Danaos Corporation has a 52-week low of $65.40 and a 52-week high of $108.13. The company has a debt-to-equity ratio of 0.18, a quick ratio of 4.51 and a current ratio of 4.62. The firm has a 50 day moving average price of $98.65 and a two-hundred day moving average price of $94.51.

Danaos (NYSE:DAC) last posted its quarterly earnings data 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. Danaos had a net margin of 47.45% and a return on equity of 13.50%. The company had revenue of $266.27 million during the quarter, compared to analysts’ expectations of $253.00 million. Equities analysts predict that Danaos Corporation will post 29.21 EPS for the current year.

Danaos Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Monday, February 23rd. Danaos’s dividend payout ratio (DPR) is presently 13.44%.

Danaos 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.