Danaos Corporation (NYSE:DAC) Plans Dividend Increase – $1.00 Per Share

Danaos Corporation (NYSE:DAC) announced a quarterly dividend on Thursday, October 1st. Shareholders of record on Tuesday, October 13th will be given a dividend of $1.00 per share by the shipping company on Thursday, October 22nd. This represents a $4.00 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, October 13th. This is a 11.1% increase from Danaos’s previous quarterly dividend of $0.90.

Danaos has a payout ratio of 13.7% meaning its dividend is sufficiently covered by earnings.

Danaos Stock Up 4.5%

Danaos stock traded up $7.01 during trading hours on Thursday, hitting $161.32. 193,131 shares of the stock traded hands, compared to its average volume of 97,732. Danaos has a one year low of $83.56 and a one year high of $163.64. The firm’s 50-day moving average price is $149.02 and its two-hundred day moving average price is $132.51. The company has a current ratio of 9.30, a quick ratio of 9.15 and a debt-to-equity ratio of 0.29. The company has a market cap of $2.94 billion, a PE ratio of 5.46 and a beta of 0.87.

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

Institutional Trading of Danaos

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Engineers Gate Manager LP bought a new position in Danaos during the 2nd quarter valued at approximately $230,000. Squarepoint Ops LLC bought a new position in shares of Danaos during the second quarter valued at $234,000. Allianz Asset Management GmbH bought a new position in shares of Danaos during the second quarter valued at $1,716,000. Midwest Professional Planners LTD. raised its position in shares of Danaos by 225.1% in the 2nd quarter. Midwest Professional Planners LTD. now owns 16,855 shares of the shipping company’s stock worth $2,063,000 after purchasing an additional 11,670 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in Danaos during the 2nd quarter valued at about $1,519,000. Hedge funds and other institutional investors own 19.01% of the company’s stock.

Danaos Company Profile

Danaos Corporation is a Greece-based international owner and operator of containerships. The company provides vessels for the transportation of containerized cargo and generally charters its ships to major liner companies, which use them to serve global trade routes.

Founded in 1972, Danaos has developed a fleet serving customers across major shipping markets and geographic regions. Its operations support the movement of manufactured goods, consumer products, industrial materials and other cargo transported in standardized shipping containers.

Danaos is headquartered in Piraeus, Greece, and its management is led by Dr.