Danaos (NYSE:DAC) Hits New 52-Week High After Strong Earnings

Shares of Danaos Corporation (NYSE:DAC) hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $143.48 and last traded at $142.0780, with a volume of 107801 shares trading hands. The stock had previously closed at $141.63.

The shipping company reported $7.29 EPS for the quarter, topping the consensus estimate of $6.80 by $0.49. Danaos had a net margin of 51.26% and a return on equity of 13.42%. The company had revenue of $274.37 million for the quarter, compared to the consensus estimate of $258.27 million.

Danaos Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 30th. Shareholders of record on Tuesday, July 21st were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Tuesday, July 21st. Danaos’s dividend payout ratio is currently 12.18%.

Analysts Set New Price Targets

Several research firms have recently weighed in on DAC. Fearnley Fonds raised shares of Danaos from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Weiss Ratings raised Danaos from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy”.

Hedge Funds Weigh In On Danaos

Large investors have recently bought and sold shares of the business. Kestra Advisory Services LLC purchased a new stake in Danaos during the fourth quarter worth $43,000. Ascentis Independent Advisors purchased a new position in shares of Danaos in the 1st quarter valued at $56,000. Raymond James Financial Inc. bought a new position in shares of Danaos in the 2nd quarter worth $64,000. Tower Research Capital LLC TRC bought a new position in shares of Danaos in the 2nd quarter worth $67,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of Danaos by 165.0% during the 4th quarter. Farther Finance Advisors LLC now owns 779 shares of the shipping company’s stock worth $73,000 after purchasing an additional 485 shares during the last quarter. Institutional investors own 19.01% of the company’s stock.

Danaos Stock Down 0.1%

The company has a debt-to-equity ratio of 0.26, a quick ratio of 8.40 and a current ratio of 8.66. The stock has a market capitalization of $2.52 billion, a PE ratio of 4.69 and a beta of 0.89. The business has a 50 day moving average of $129.93 and a two-hundred day moving average of $120.02.

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.