Ion Asset Management Ltd. Trims Position in Danaos Corporation $DAC

Ion Asset Management Ltd. lowered its stake in Danaos Corporation (NYSE:DAC) by 39.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 394,345 shares of the shipping company’s stock after selling 259,963 shares during the quarter. Danaos comprises approximately 3.9% of Ion Asset Management Ltd.’s holdings, making the stock its 10th largest holding. Ion Asset Management Ltd. owned 2.08% of Danaos worth $35,416,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Raymond James Financial Inc. bought a new stake in shares of Danaos in the second quarter worth about $64,000. Tower Research Capital LLC TRC bought a new position in Danaos during the second quarter valued at approximately $67,000. TD Waterhouse Canada Inc. purchased a new position in Danaos during the 2nd quarter valued at approximately $107,000. State of Wyoming raised its holdings in shares of Danaos by 205.3% during the 2nd quarter. State of Wyoming now owns 2,128 shares of the shipping company’s stock worth $184,000 after acquiring an additional 1,431 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in Danaos in the first quarter worth $223,000. Institutional investors own 19.01% of the company’s stock.

Wall Street Analysts Forecast Growth

DAC has been the topic of a number of research reports. Weiss Ratings restated a “buy (b)” rating on shares of Danaos in a report on Wednesday, January 21st. Freedom Capital raised shares of Danaos to a “hold” rating in a report on Tuesday, March 10th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $105.00.

Danaos Trading Down 1.7%

NYSE DAC opened at $107.05 on Monday. Danaos Corporation has a 52 week low of $65.40 and a 52 week high of $118.82. The company has a 50 day moving average price of $105.45 and a 200 day moving average price of $97.11. The company has a quick ratio of 3.23, a current ratio of 3.28 and a debt-to-equity ratio of 0.23. The firm has a market cap of $1.95 billion, a PE ratio of 4.00 and a beta of 0.98.

Danaos (NYSE:DAC) last released its quarterly earnings results on Monday, February 9th. The shipping company reported $7.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.46 by $0.68. Danaos had a net margin of 47.45% and a return on equity of 13.31%. The business had revenue of $266.27 million for the quarter, compared to analyst estimates of $253.00 million. As a group, sell-side analysts forecast that Danaos Corporation will post 29.21 EPS for the current fiscal year.

Danaos Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Monday, February 23rd. Danaos’s dividend payout ratio (DPR) is currently 13.44%.

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.