Danaos Corporation (NYSE:DAC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a 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. “

Several other research firms also recently commented on DAC. Jefferies Group LLC reissued a “hold” rating and issued a $3.00 price objective on shares of Danaos Corporation in a report on Tuesday. ValuEngine downgraded Danaos Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, BidaskClub raised Danaos Corporation from a “sell” rating to a “hold” rating in a report on Friday, July 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $3.00.

Danaos Corporation (DAC) remained flat at $1.50 during mid-day trading on Tuesday. 40,647 shares of the company were exchanged. The stock’s market capitalization is $164.70 million. The stock has a 50-day moving average price of $1.44 and a 200-day moving average price of $1.60. Danaos Corporation has a one year low of $1.25 and a one year high of $4.40.

Danaos Corporation (NYSE:DAC) last released its quarterly earnings results on Monday, July 31st. The shipping company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.05. Danaos Corporation had a positive return on equity of 16.72% and a negative net margin of 92.96%. The firm had revenue of $113.88 million during the quarter, compared to the consensus estimate of $108.01 million. During the same quarter in the prior year, the firm posted $0.43 EPS. The business’s revenue was down 16.9% on a year-over-year basis. On average, equities analysts anticipate that Danaos Corporation will post $0.89 EPS for the current year.

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A hedge fund recently raised its stake in Danaos Corporation stock. Bank of New York Mellon Corp increased its stake in Danaos Corporation (NYSE:DAC) by 4.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 110,802 shares of the shipping company’s stock after buying an additional 4,383 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.10% of Danaos Corporation worth $194,000 as of its most recent SEC filing. Institutional investors and hedge funds own 1.89% of the company’s stock.

About Danaos Corporation

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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