Balyasny Asset Management L.P. Cuts Position in Danaos Co. (NYSE:DAC)

Balyasny Asset Management L.P. lowered its holdings in shares of Danaos Co. (NYSE:DAC) by 19.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 59,032 shares of the shipping company’s stock after selling 14,494 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.30% of Danaos worth $4,727,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Summit Securities Group LLC acquired a new stake in Danaos in the 4th quarter valued at $32,000. New Age Alpha Advisors LLC purchased a new stake in shares of Danaos during the fourth quarter worth about $87,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Danaos by 37.7% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company’s stock worth $117,000 after purchasing an additional 400 shares during the last quarter. Allworth Financial LP lifted its stake in Danaos by 340.1% in the 4th quarter. Allworth Financial LP now owns 1,941 shares of the shipping company’s stock valued at $149,000 after buying an additional 1,500 shares in the last quarter. Finally, Avior Wealth Management LLC boosted its holdings in Danaos by 24.1% in the 4th quarter. Avior Wealth Management LLC now owns 2,321 shares of the shipping company’s stock worth $186,000 after buying an additional 451 shares during the last quarter. 19.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on DAC. StockNews.com upgraded Danaos from a “hold” rating to a “buy” rating in a research report on Tuesday, May 6th. Jefferies Financial Group restated a “buy” rating and set a $105.00 price target on shares of Danaos in a research report on Tuesday, February 11th.

Danaos Stock Down 0.4 %

Shares of NYSE:DAC opened at $83.21 on Friday. Danaos Co. has a 52-week low of $65.40 and a 52-week high of $98.25. The stock has a market cap of $1.58 billion, a P/E ratio of 3.21 and a beta of 1.34. The business has a fifty day moving average of $78.10 and a two-hundred day moving average of $79.81. The company has a quick ratio of 3.78, a current ratio of 3.93 and a debt-to-equity ratio of 0.19.

Danaos (NYSE:DAC) last announced its quarterly earnings data on Monday, February 10th. The shipping company reported $6.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.02). Danaos had a net margin of 49.81% and a return on equity of 16.03%. On average, research analysts expect that Danaos Co. will post 29.21 earnings per share for the current year.

Danaos announced that its board has approved a share buyback plan on Monday, April 14th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the shipping company to buy up to 6.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Danaos Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Monday, February 24th were issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date was Monday, February 24th. Danaos’s dividend payout ratio is presently 13.12%.

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.