Danaos Co. (NYSE:DAC) Short Interest Update

Danaos Co. (NYSE:DAC) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 466,300 shares, a growth of 8.1% from the October 31st total of 431,500 shares. Based on an average trading volume of 110,500 shares, the days-to-cover ratio is currently 4.2 days. Currently, 4.8% of the shares of the company are short sold.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. StockNews.com lowered shares of Danaos from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Jefferies Financial Group restated a “buy” rating and set a $105.00 target price on shares of Danaos in a research report on Tuesday, November 12th.

Danaos Stock Performance

NYSE DAC traded down $1.27 during trading hours on Wednesday, hitting $80.75. 65,719 shares of the company’s stock traded hands, compared to its average volume of 108,378. The business’s fifty day moving average price is $83.78 and its two-hundred day moving average price is $85.36. The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $1.57 billion, a P/E ratio of 2.79 and a beta of 1.49. Danaos has a 52 week low of $66.45 and a 52 week high of $98.25.

Danaos (NYSE:DAC) last issued its quarterly earnings results on Tuesday, November 12th. The shipping company reported $6.50 earnings per share for the quarter, missing the consensus estimate of $6.86 by ($0.36). Danaos had a net margin of 56.16% and a return on equity of 16.68%. The firm had revenue of $256.18 million for the quarter, compared to analysts’ expectations of $251.16 million. During the same period in the prior year, the firm earned $7.26 EPS. Equities research analysts predict that Danaos will post 27.56 EPS for the current year.

Danaos Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Monday, November 25th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Monday, November 25th. This represents a $3.40 annualized dividend and a yield of 4.21%. This is an increase from Danaos’s previous quarterly dividend of $0.80. Danaos’s payout ratio is currently 11.76%.

Hedge Funds Weigh In On Danaos

Several large investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio purchased a new position in shares of Danaos in the third quarter worth $359,000. XTX Topco Ltd purchased a new position in shares of Danaos in the third quarter worth $351,000. National Bank of Canada FI lifted its holdings in shares of Danaos by 4.9% in the third quarter. National Bank of Canada FI now owns 3,871 shares of the shipping company’s stock worth $336,000 after buying an additional 182 shares in the last quarter. State Street Corp lifted its holdings in shares of Danaos by 2.3% in the third quarter. State Street Corp now owns 24,098 shares of the shipping company’s stock worth $2,090,000 after buying an additional 547 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new position in shares of Danaos in the third quarter worth $205,000. Hedge funds and other institutional investors own 19.01% of the company’s stock.

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.