Zacks Investment Research upgraded shares of Danaos (NYSE:DAC) from a sell rating to a hold rating in a research report report published on Wednesday.

According to Zacks, “Danaos Corporation is a leading international owner of containerships, chartering vessels to many of the world’s largest liner companies. Danaos was set up by Dimitri Coustas, an experienced shipping investor who had been active in the industry. Having consistently developed sea transport services throughout its history, Danaos has forged a reputation for high-quality operational support to liner companies and other charterers throughout the world. The Company currently have a fleet of containerships aggregating TEU, making us among the largest containership charter owners in the world. We charter our containerships to a geographically diverse group of liner companies, including most of the largest ones globally. Such customers include Maersk, COSCO, Hapag-Lloyd, CMA-CGM, Neptune Orient Lines, Yang Ming, China Shipping, Norasia Container Lines Ltd, Hyundai Merchant Marine Co., Wan-Hai Lines and Zim Israel Integrated Shipping Services Ltd. “

Several other brokerages have also recently weighed in on DAC. ValuEngine cut shares of Danaos from a buy rating to a hold rating in a research note on Friday, September 1st. Jefferies Group reaffirmed a hold rating and set a $3.00 price objective on shares of Danaos in a research note on Tuesday, October 24th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $3.00.

Danaos (NYSE:DAC) traded up $0.02 during midday trading on Wednesday, reaching $1.42. 24,200 shares of the company were exchanged, compared to its average volume of 77,952. The company has a market capitalization of $153.72, a PE ratio of 1.46 and a beta of 1.31. Danaos has a twelve month low of $1.25 and a twelve month high of $3.20.

Danaos (NYSE:DAC) last issued its quarterly earnings data on Monday, October 30th. The shipping company reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.04. The firm had revenue of $113.59 million for the quarter, compared to analysts’ expectations of $107.58 million. Danaos had a negative net margin of 85.72% and a positive return on equity of 21.68%. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.21 earnings per share. research analysts forecast that Danaos will post 0.74 EPS for the current fiscal year.

An institutional investor recently raised its position in Danaos stock. Bank of New York Mellon Corp increased its stake in shares of Danaos Corporation (NYSE:DAC) by 2.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,802 shares of the shipping company’s stock after purchasing an additional 3,000 shares during the quarter. Bank of New York Mellon Corp owned about 0.10% of Danaos worth $193,000 at the end of the most recent quarter. 1.98% of the stock is currently owned by institutional investors and hedge funds.

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Danaos Company Profile

Danaos Corporation is a holding company and an international owner of containerships, chartering its vessels to a range of liner companies. The Company’s principal business is the acquisition and operation of vessels. The Company conducts its operations through the vessel owning companies, whose principal activity is the ownership and operation of containerships that are under the management of a related party of the company.

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