Danaos (NYSE:DAC) Hits New 52-Week High on Earnings Beat

Danaos Corporation (NYSE:DAC)’s stock price reached a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $106.99 and last traded at $105.8490, with a volume of 13323 shares traded. The stock had previously closed at $103.00.

The shipping company reported $7.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.46 by $0.68. The firm had revenue of $266.27 million for the quarter, compared to the consensus estimate of $253.00 million. Danaos had a return on equity of 13.50% and a net margin of 47.45%.

Danaos Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $3.60 dividend on an annualized basis and a yield of 3.4%. Danaos’s dividend payout ratio is 13.44%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Danaos in a report on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Danaos presently has an average rating of “Buy” and an average price target of $105.00.

Hedge Funds Weigh In On Danaos

Several institutional investors and hedge funds have recently modified their holdings of DAC. Assetmark Inc. boosted its holdings in shares of Danaos by 15,500.0% during the second quarter. Assetmark Inc. now owns 468 shares of the shipping company’s stock worth $40,000 after acquiring an additional 465 shares during the period. Raymond James Financial Inc. bought a new stake in Danaos in the 2nd quarter valued at $64,000. Tower Research Capital LLC TRC acquired a new position in Danaos in the 2nd quarter valued at $67,000. Farther Finance Advisors LLC grew its holdings in Danaos by 165.0% in the 4th quarter. Farther Finance Advisors LLC now owns 779 shares of the shipping company’s stock valued at $73,000 after buying an additional 485 shares in the last quarter. Finally, TD Waterhouse Canada Inc. bought a new position in Danaos during the 2nd quarter worth $107,000. 19.01% of the stock is currently owned by institutional investors and hedge funds.

Danaos Stock Up 1.2%

The stock has a fifty day moving average price of $98.30 and a two-hundred day moving average price of $94.31. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 3.97 and a beta of 1.08. The company has a quick ratio of 4.51, a current ratio of 4.62 and a debt-to-equity ratio of 0.18.

About Danaos

Danaos Corporation is a leading independent owner and manager of containerships, specializing in long-term charters of modern vessels to major liner companies worldwide. The company’s core services include vessel acquisition and sale, technical and crew management, and commercial chartering, all aimed at supporting global containerized trade. Danaos leverages its in-house expertise in operations, maintenance and regulatory compliance to ensure reliable and efficient fleet performance.

Founded in 1972 by Dr.