Lazard Asset Management LLC Lowers Position in Danaos Co. (NYSE:DAC)

Lazard Asset Management LLC decreased its stake in shares of Danaos Co. (NYSE:DAC) by 16.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,345 shares of the shipping company’s stock after selling 675 shares during the quarter. Lazard Asset Management LLC’s holdings in Danaos were worth $256,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in DAC. IFP Advisors Inc purchased a new position in Danaos during the second quarter valued at $27,000. Citigroup Inc. bought a new stake in shares of Danaos in the 1st quarter worth $55,000. Barclays PLC bought a new stake in shares of Danaos in the 1st quarter worth $219,000. Westhampton Capital LLC bought a new stake in shares of Danaos in the 2nd quarter worth $219,000. Finally, Walleye Capital LLC bought a new stake in shares of Danaos in the 1st quarter worth $220,000. Institutional investors and hedge funds own 22.78% of the company’s stock.

Shares of Danaos stock opened at $71.76 on Thursday. The stock’s 50-day simple moving average is $78.93 and its 200-day simple moving average is $68.85. Danaos Co. has a 52 week low of $7.90 and a 52 week high of $89.41. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 1.97 and a beta of 1.72. The company has a quick ratio of 1.48, a current ratio of 1.52 and a debt-to-equity ratio of 0.71.

Danaos (NYSE:DAC) last announced its quarterly earnings data on Sunday, August 1st. The shipping company reported $3.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.26 by $0.08. Danaos had a return on equity of 17.07% and a net margin of 146.11%. The business had revenue of $146.43 million for the quarter, compared to the consensus estimate of $141.96 million. On average, equities analysts expect that Danaos Co. will post 13.1 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, August 30th. Investors of record on Monday, August 16th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, August 13th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.79%. Danaos’s dividend payout ratio is currently 27.86%.

DAC has been the subject of several research analyst reports. TheStreet raised Danaos from a “c+” rating to a “b” rating in a report on Monday, August 23rd. Jefferies Financial Group lifted their target price on Danaos from $87.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, July 2nd. Finally, Zacks Investment Research upgraded Danaos from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a research report on Wednesday, October 6th.

About Danaos

Danaos Corp. engages in the provision of marine and seaborne transportation services. It offers services by operating vessels in the containership sector of the shipping industry. The company was founded by Dimitris Coustas in1972 and is headquartered in Piraeus, Greece.

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Institutional Ownership by Quarter for Danaos (NYSE:DAC)

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