Danaos (NYSE:DAC) Rating Increased to Strong-Buy at Freedom Capital

Freedom Capital upgraded shares of Danaos (NYSE:DAC) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

DAC has been the subject of a number of other reports. Fearnley Fonds upgraded Danaos from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Weiss Ratings upgraded Danaos from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, July 28th. Three equities research analysts have rated the stock with a Strong Buy rating, According to MarketBeat, the company presently has a consensus rating of “Strong Buy”.

Danaos Stock Performance

Shares of DAC stock opened at $143.33 on Wednesday. Danaos has a one year low of $83.56 and a one year high of $145.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 8.40 and a current ratio of 9.30. The company has a 50 day moving average price of $130.28 and a 200 day moving average price of $120.33. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 4.85 and a beta of 0.89.

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

Danaos Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 30th. Investors of record on Tuesday, July 21st were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Tuesday, July 21st. Danaos’s dividend payout ratio (DPR) is presently 12.18%.

Hedge Funds Weigh In On Danaos

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC acquired a new stake in Danaos in the first quarter valued at approximately $223,000. Goldman Sachs Group Inc. raised its stake in shares of Danaos by 183.6% during the first quarter. Goldman Sachs Group Inc. now owns 46,215 shares of the shipping company’s stock valued at $3,606,000 after purchasing an additional 29,921 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Danaos by 39.8% during the second quarter. JPMorgan Chase & Co. now owns 82,834 shares of the shipping company’s stock worth $7,144,000 after purchasing an additional 23,593 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Danaos during the second quarter worth $276,000. Finally, Jump Financial LLC purchased a new position in shares of Danaos in the second quarter valued at $1,682,000. Hedge funds and other institutional investors own 19.01% of the company’s stock.

About Danaos

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.