Danaos (NYSE:DAC) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Danaos Corporation (NYSE:DAC)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $86.66 and traded as high as $87.20. Danaos shares last traded at $85.29, with a volume of 71,968 shares traded.

Analyst Upgrades and Downgrades

DAC has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Danaos in a research note on Wednesday. Jefferies Financial Group reaffirmed a “buy” rating and issued a $105.00 price target on shares of Danaos in a research note on Tuesday, August 5th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $105.00.

Danaos Trading Down 1.9%

The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 3.52 and a beta of 1.45. The firm’s 50 day moving average is $92.52 and its 200 day moving average is $86.66. The company has a quick ratio of 5.21, a current ratio of 5.36 and a debt-to-equity ratio of 0.20.

Danaos (NYSE:DAC) last released its earnings results on Monday, August 4th. The shipping company reported $6.36 EPS for the quarter, missing the consensus estimate of $6.52 by ($0.16). Danaos had a net margin of 44.62% and a return on equity of 13.88%. The business had revenue of $262.15 million for the quarter, compared to analyst estimates of $247.26 million. Equities analysts forecast that Danaos Corporation will post 29.21 earnings per share for the current year.

Danaos Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Tuesday, August 19th were paid a dividend of $0.85 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $3.40 annualized dividend and a yield of 4.0%. Danaos’s dividend payout ratio is currently 14.02%.

Institutional Trading of Danaos

Several institutional investors and hedge funds have recently added to or reduced their stakes in DAC. Redhawk Wealth Advisors Inc. raised its holdings in shares of Danaos by 9.9% during the third quarter. Redhawk Wealth Advisors Inc. now owns 13,838 shares of the shipping company’s stock valued at $1,243,000 after acquiring an additional 1,244 shares during the period. Balefire LLC acquired a new stake in shares of Danaos during the third quarter valued at approximately $390,000. Osaic Holdings Inc. raised its holdings in shares of Danaos by 27.1% during the second quarter. Osaic Holdings Inc. now owns 37,290 shares of the shipping company’s stock valued at $3,218,000 after acquiring an additional 7,945 shares during the period. State of Wyoming raised its holdings 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 period. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of Danaos during the second quarter valued at approximately $67,000. 19.01% of the stock is owned by institutional investors and hedge funds.

Danaos Company Profile

Danaos Corporation, together with its subsidiaries, provides container and drybulk vessels services in Australia, Asia, and Europe. The company offers seaborne transportation services by operating vessels in the containership and drybulk sectors of the shipping industry. As of April 03, 2024, it had a fleet of 68 containerships aggregating 421,293 twenty-foot equivalent units in capacity.