Danaos Co. (DAC) To Go Ex-Dividend on August 22nd

Posted by Defense World Staff on Aug 9th, 2023

Danaos Co. (NYSE:DAC – Get Free Report) declared a quarterly dividend on Monday, August 7th, Zacks reports. Stockholders of record on Wednesday, August 23rd will be paid a dividend of 0.75 per share by the shipping company on Friday, September 1st. This represents a $3.00 annualized dividend and a dividend yield of 4.29%. The ex-dividend date is Tuesday, August 22nd.

Danaos has a payout ratio of 11.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Danaos to earn $28.41 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 10.6%.

Danaos Stock Performance

Danaos stock opened at $69.91 on Wednesday. The company has a market cap of $1.42 billion, a PE ratio of 2.76 and a beta of 1.57. The company has a current ratio of 1.86, a quick ratio of 1.80 and a debt-to-equity ratio of 0.15. Danaos has a 1 year low of $51.10 and a 1 year high of $79.04. The company’s 50-day moving average is $66.53 and its two-hundred day moving average is $60.71.

Danaos (NYSE:DAC – Get Free Report) last announced its quarterly earnings data on Monday, August 7th. The shipping company reported $7.14 earnings per share for the quarter, beating the consensus estimate of $6.67 by $0.47. Danaos had a net margin of 51.40% and a return on equity of 23.74%. The business had revenue of $241.48 million for the quarter, compared to analyst estimates of $225.75 million. During the same period in the prior year, the business posted $7.59 earnings per share. Equities analysts anticipate that Danaos will post 28.77 earnings per share for the current year.

Insider Activity at Danaos

In other Danaos news, major shareholder Corp Danaos purchased 136,622 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were bought at an average price of $47.89 per share, with a total value of $6,542,827.58. Following the completion of the transaction, the insider now directly owns 1,552,865 shares in the company, valued at approximately $74,366,704.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 41.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Danaos

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Citigroup Inc. boosted its stake in Danaos by 34.2% in the 1st quarter. Citigroup Inc. now owns 808 shares of the shipping company’s stock worth $44,000 after purchasing an additional 206 shares during the period. Credit Suisse AG bought a new position in shares of Danaos during the second quarter worth about $45,000. UBS Group AG lifted its stake in Danaos by 321.1% in the 1st quarter. UBS Group AG now owns 2,013 shares of the shipping company’s stock valued at $110,000 after acquiring an additional 1,535 shares in the last quarter. Centaurus Financial Inc. acquired a new position in Danaos during the 1st quarter worth approximately $125,000. Finally, New York State Common Retirement Fund bought a new position in shares of Danaos during the 1st quarter worth approximately $134,000. 20.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Jefferies Financial Group reiterated a “buy” rating and issued a $80.00 price objective on shares of Danaos in a report on Monday. StockNews.com raised Danaos from a “buy” rating to a “strong-buy” rating in a research note on Monday.

Read Our Latest Analysis on DAC

About Danaos

(Get Free Report)

Danaos Corporation, together with its subsidiaries, owns and operates containerships in Australia, Asia, Europe, and the United States. The company offers seaborne transportation services, such as chartering its vessels to liner companies. As of March 7, 2023, it had a fleet of 68 containerships aggregating 421,293 twenty-foot equivalent units in capacity.