Danaos (NYSE:DAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports.
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 Financial Group increased their price target on shares of Danaos from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, March 25th. Fearnley Fonds started coverage on shares of Danaos in a report on Monday, March 29th. They issued a “buy” rating and a $67.00 target price for the company. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Danaos has an average rating of “Buy” and a consensus price target of $51.56.
Shares of DAC stock traded up $2.25 during mid-day trading on Friday, hitting $65.56. 434,872 shares of the stock were exchanged, compared to its average volume of 606,445. The stock’s fifty day simple moving average is $53.19 and its two-hundred day simple moving average is $31.38. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.71 and a current ratio of 0.75. Danaos has a 12-month low of $3.33 and a 12-month high of $67.40. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 10.51 and a beta of 1.72.
Danaos (NYSE:DAC) last released its quarterly earnings results on Monday, February 15th. The shipping company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.27 by $0.02. The firm had revenue of $119.64 million for the quarter, compared to the consensus estimate of $115.48 million. Danaos had a return on equity of 17.25% and a net margin of 31.89%. On average, research analysts expect that Danaos will post 7.12 earnings per share for the current fiscal year.
A number of large investors have recently bought and sold shares of the stock. Capital Asset Advisory Services LLC acquired a new position in Danaos in the 4th quarter valued at $53,000. Lazard Asset Management LLC acquired a new position in shares of Danaos during the fourth quarter worth about $78,000. Dorsey Wright & Associates raised its holdings in Danaos by 15,216.4% during the first quarter. Dorsey Wright & Associates now owns 107,215 shares of the shipping company’s stock worth $87,000 after purchasing an additional 106,515 shares in the last quarter. Personal CFO Solutions LLC acquired a new stake in Danaos in the first quarter valued at about $329,000. Finally, ClariVest Asset Management LLC purchased a new stake in Danaos in the 4th quarter valued at approximately $497,000. Hedge funds and other institutional investors own 23.49% of the company’s stock.
Danaos Corporation, together with its subsidiaries, owns and operates containerships in Australia, Asia, Europe, and the United States. The company offers seaborne transportation services, such as chartering its vessels to liner companies. As of February 28, 2021, it had a fleet of 65 containerships aggregating 403,793 twenty foot equivalent units in capacity.
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