Danaos (NYSE:DAC) Hits New 52-Week Low – Should You Sell?

Shares of Danaos Co. (NYSE:DAC) reached a new 52-week low on Thursday . The company traded as low as $65.40 and last traded at $71.76, with a volume of 164494 shares. The stock had previously closed at $66.47.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Jefferies Financial Group restated a “buy” rating and issued a $105.00 target price on shares of Danaos in a report on Tuesday, February 11th. StockNews.com upgraded shares of Danaos from a “hold” rating to a “buy” rating in a research note on Monday, March 10th.

Danaos Stock Up 7.0 %

The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 2.85 and a beta of 1.32. The firm’s 50 day moving average price is $78.99 and its two-hundred day moving average price is $80.64. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.93 and a quick ratio of 3.78.

Danaos (NYSE:DAC) last announced its earnings results on Monday, February 10th. The shipping company reported $6.50 earnings per share for the quarter, missing the consensus estimate of $6.52 by ($0.02). Danaos had a net margin of 49.81% and a return on equity of 16.03%. As a group, sell-side analysts forecast that Danaos Co. will post 29.21 earnings per share for the current fiscal year.

Danaos Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 4.61%. The ex-dividend date of this dividend was Monday, February 24th. Danaos’s payout ratio is 13.12%.

Hedge Funds Weigh In On Danaos

Large investors have recently modified their holdings of the business. Verition Fund Management LLC purchased a new position in Danaos in the third quarter worth $205,000. State Street Corp increased its holdings in shares of Danaos by 2.3% in the 3rd quarter. State Street Corp now owns 24,098 shares of the shipping company’s stock valued at $2,090,000 after purchasing an additional 547 shares in the last quarter. National Bank of Canada FI lifted its stake 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 valued at $336,000 after purchasing an additional 182 shares during the period. XTX Topco Ltd purchased a new stake in Danaos during the third quarter worth about $351,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Danaos in the third quarter valued at about $359,000. 19.01% of the stock is owned by hedge funds and other institutional investors.

About Danaos

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.