Danaos Corp. (DAC) Upgraded to “Hold” by Zacks Investment Research
Danaos Corp. (NYSE:DAC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. “
Separately, Jefferies Group reissued a “hold” rating on shares of Danaos Corp. in a report on Monday, August 1st.
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Danaos Corp. (NYSE:DAC) traded up 0.82% during midday trading on Tuesday, hitting $2.45. The stock had a trading volume of 31,827 shares. The firm has a market cap of $269.01 million, a P/E ratio of 1.96 and a beta of 1.02. The stock has a 50-day moving average price of $2.86 and a 200 day moving average price of $3.49. Danaos Corp. has a 12-month low of $2.29 and a 12-month high of $6.56.
Danaos Corp. (NYSE:DAC) last released its quarterly earnings results on Monday, August 1st. The company reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.01. Danaos Corp. had a return on equity of 21.29% and a net margin of 24.43%. The firm had revenue of $137 million for the quarter, compared to analyst estimates of $135.57 million. During the same quarter last year, the company posted $0.35 earnings per share. The business’s revenue was down 3.2% on a year-over-year basis. On average, equities analysts anticipate that Danaos Corp. will post $1.56 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the stock. BlackRock Institutional Trust Company N.A. acquired a new stake in shares of Danaos Corp. during the first quarter worth $122,000. Renaissance Technologies LLC acquired a new stake in shares of Danaos Corp. during the first quarter worth $128,000. Spark Investment Management LLC raised its stake in shares of Danaos Corp. by 71.6% in the first quarter. Spark Investment Management LLC now owns 35,700 shares of the company’s stock worth $135,000 after buying an additional 14,900 shares in the last quarter. FCA Corp TX raised its stake in shares of Danaos Corp. by 188.3% in the second quarter. FCA Corp TX now owns 43,245 shares of the company’s stock worth $118,000 after buying an additional 28,245 shares in the last quarter. Finally, Clark Capital Management Group Inc. raised its stake in shares of Danaos Corp. by 15.9% in the first quarter. Clark Capital Management Group Inc. now owns 429,607 shares of the company’s stock worth $1,633,000 after buying an additional 59,016 shares in the last quarter. 2.21% of the stock is currently owned by institutional investors.
Danaos Corp. 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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