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 report issued 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 reiterated a “hold” rating on shares of Danaos Corp. in a report on Monday, August 1st.
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Shares of Danaos Corp. (NYSE:DAC) traded up 0.82% during trading on Tuesday, hitting $2.45. 31,827 shares of the company’s stock were exchanged. The firm has a market capitalization of $269.01 million, a PE ratio of 1.96 and a beta of 1.02. The stock’s 50 day moving average is $2.86 and its 200 day moving average is $3.49. Danaos Corp. has a 1-year low of $2.29 and a 1-year high of $6.56.
Danaos Corp. (NYSE:DAC) last released its earnings results on Monday, August 1st. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. Danaos Corp. had a net margin of 24.43% and a return on equity of 21.29%. The business had revenue of $137 million for the quarter, compared to the consensus estimate of $135.57 million. During the same period in the previous year, the firm earned $0.35 EPS. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, equities research analysts forecast that Danaos Corp. will post $1.56 earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the stock. Clark Capital Management Group Inc. raised its stake in 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. FCA Corp TX raised its stake in 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. Spark Investment Management LLC raised its stake in 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. Renaissance Technologies LLC purchased a new stake in Danaos Corp. during the first quarter worth about $128,000. Finally, BlackRock Institutional Trust Company N.A. purchased a new stake in Danaos Corp. during the first quarter worth about $122,000. Institutional investors and hedge funds own 2.21% of the company’s stock.
About Danaos Corp.
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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