Bastion Asset Management Inc. Sells 27,444 Shares of Danaos Corporation $DAC

Bastion Asset Management Inc. reduced its stake in Danaos Corporation (NYSE:DAC) by 73.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,070 shares of the shipping company’s stock after selling 27,444 shares during the period. Bastion Asset Management Inc. owned approximately 0.05% of Danaos worth $893,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Assetmark Inc. lifted its position in shares of Danaos by 15,500.0% during the 2nd quarter. Assetmark Inc. now owns 468 shares of the shipping company’s stock valued at $40,000 after acquiring an additional 465 shares during the period. Raymond James Financial Inc. bought a new position in shares of Danaos in the second quarter worth $64,000. Tower Research Capital LLC TRC acquired a new position in Danaos in the second quarter valued at about $67,000. TD Waterhouse Canada Inc. bought a new stake in Danaos during the second quarter worth about $107,000. Finally, State of Wyoming lifted its position in Danaos by 205.3% during the second quarter. State of Wyoming now owns 2,128 shares of the shipping company’s stock worth $184,000 after purchasing an additional 1,431 shares during the period. Institutional investors own 19.01% of the company’s stock.

Analysts Set New Price Targets

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

Danaos Price Performance

Shares of DAC stock opened at $107.91 on Monday. The business has a fifty day simple moving average of $98.65 and a 200 day simple moving average of $94.51. The company has a market cap of $2.05 billion, a P/E ratio of 4.03 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. Danaos Corporation has a twelve month low of $65.40 and a twelve month high of $108.13.

Danaos (NYSE:DAC) last released its earnings results on Monday, February 9th. The shipping company reported $7.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.46 by $0.68. The firm had revenue of $266.27 million for the quarter, compared to analysts’ expectations of $253.00 million. Danaos had a return on equity of 13.50% and a net margin of 47.45%. On average, sell-side analysts forecast that Danaos Corporation will post 29.21 EPS for the current fiscal year.

Danaos Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Monday, February 23rd will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Monday, February 23rd. Danaos’s dividend payout ratio is currently 13.44%.

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.