Danaos (NYSE:DAC) Reaches New 1-Year High – What’s Next?

Danaos Corporation (NYSE:DAC) hit a new 52-week high on Monday . The company traded as high as $118.65 and last traded at $116.9450, with a volume of 11424 shares trading hands. The stock had previously closed at $117.95.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Danaos in a research note on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $105.00.

Danaos Price Performance

The company’s 50-day simple moving average is $102.82 and its 200 day simple moving average is $96.07. The company has a quick ratio of 4.51, a current ratio of 4.62 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $2.10 billion, a P/E ratio of 4.30 and a beta of 0.98.

Danaos (NYSE:DAC) last posted its earnings results on Monday, February 9th. The shipping company reported $7.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.46 by $0.68. The business had revenue of $266.27 million for the quarter, compared to analyst estimates of $253.00 million. Danaos had a net margin of 47.45% and a return on equity of 13.50%. As a group, sell-side analysts expect that Danaos Corporation will post 29.21 earnings per share for the current fiscal year.

Danaos Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd will be paid a $0.90 dividend. The ex-dividend date is Monday, February 23rd. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.1%. Danaos’s dividend payout ratio is currently 13.44%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new position in shares of Danaos in the first quarter valued at approximately $223,000. Goldman Sachs Group Inc. grew 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 worth $3,606,000 after purchasing an additional 29,921 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Danaos in the 2nd quarter valued at about $264,000. Assetmark Inc. increased its stake in Danaos by 15,500.0% in the second quarter. Assetmark Inc. now owns 468 shares of the shipping company’s stock valued at $40,000 after purchasing an additional 465 shares in the last quarter. Finally, Bastion Asset Management Inc. raised its stake in Danaos by 50.6% during the 2nd quarter. Bastion Asset Management Inc. now owns 37,514 shares of the shipping company’s stock worth $3,217,000 after buying an additional 12,606 shares during the period. 19.01% of the stock is owned by institutional investors.

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.