Danaos (NYSE:DAC) Reaches New 52-Week High on Earnings Beat

Danaos Corporation (NYSE:DAC)’s stock price reached 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 traded. The stock had previously closed at $141.63.

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

Danaos Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 30th. Stockholders of record on Tuesday, July 21st were given a dividend of $0.90 per share. The ex-dividend date was Tuesday, July 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.6%. Danaos’s dividend payout ratio (DPR) is 12.70%.

Wall Street Analysts Forecast Growth

DAC has been the topic of a number of research analyst reports. 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 upgraded shares of Danaos from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy”.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC acquired a new stake in Danaos during the 4th quarter worth $43,000. Ascentis Independent Advisors acquired a new stake in shares of Danaos in the first quarter valued at about $56,000. Raymond James Financial Inc. acquired a new stake in shares of Danaos in the second quarter valued at about $64,000. Tower Research Capital LLC TRC purchased a new position in shares of Danaos in the second quarter worth about $67,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of Danaos by 165.0% in the fourth quarter. Farther Finance Advisors LLC now owns 779 shares of the shipping company’s stock worth $73,000 after buying an additional 485 shares in the last quarter. Hedge funds and other institutional investors own 19.01% of the company’s stock.

Danaos Trading Down 2.2%

The stock has a market capitalization of $2.53 billion, a PE ratio of 4.90 and a beta of 0.89. The company’s 50 day moving average price is $129.71 and its two-hundred day moving average price is $119.76. The company has a debt-to-equity ratio of 0.26, a current ratio of 8.66 and a quick ratio of 8.40.

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.