Summit Securities Group LLC Takes $32,000 Position in Danaos Co. (NYSE:DAC)

Summit Securities Group LLC bought a new stake in Danaos Co. (NYSE:DAC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 400 shares of the shipping company’s stock, valued at approximately $32,000.

Several other large investors have also made changes to their positions in DAC. DGS Capital Management LLC lifted its stake in Danaos by 71.6% during the fourth quarter. DGS Capital Management LLC now owns 23,945 shares of the shipping company’s stock worth $1,917,000 after purchasing an additional 9,994 shares during the last quarter. Verition Fund Management LLC bought a new stake in shares of Danaos during the 3rd quarter worth $205,000. State Street Corp boosted its stake in Danaos by 2.3% in the third quarter. State Street Corp now owns 24,098 shares of the shipping company’s stock valued at $2,090,000 after buying an additional 547 shares in the last quarter. Allworth Financial LP grew its position in Danaos by 340.1% in the fourth quarter. Allworth Financial LP now owns 1,941 shares of the shipping company’s stock valued at $149,000 after acquiring an additional 1,500 shares during the last quarter. Finally, National Bank of Canada FI raised its stake in Danaos by 4.9% during the third quarter. National Bank of Canada FI now owns 3,871 shares of the shipping company’s stock worth $336,000 after acquiring an additional 182 shares in the last quarter. Institutional investors and hedge funds own 19.01% of the company’s stock.

Analyst Ratings Changes

DAC has been the topic of several research reports. StockNews.com raised shares of Danaos from a “hold” rating to a “buy” rating in a report on Monday, March 10th. Jefferies Financial Group reaffirmed a “buy” rating and set a $105.00 target price on shares of Danaos in a research note on Tuesday, February 11th.

Danaos Stock Performance

Shares of DAC stock opened at $79.34 on Monday. The business’s 50-day moving average price is $80.38 and its 200-day moving average price is $81.38. Danaos Co. has a 12 month low of $71.32 and a 12 month high of $98.25. The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 3.06 and a beta of 1.41.

Danaos (NYSE:DAC) last posted its earnings results on Monday, February 10th. The shipping company reported $6.50 EPS for the quarter, missing the consensus estimate of $6.52 by ($0.02). Danaos had a return on equity of 16.03% and a net margin of 49.81%. Equities research analysts forecast that Danaos Co. will post 29.21 EPS for the current year.

Danaos Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 4.29%. The ex-dividend date was Monday, February 24th. Danaos’s payout ratio is presently 13.12%.

Danaos Company Profile

Danaos Corporation, together with its subsidiaries, provides container and drybulk vessels services in Australia, Asia, and Europe. The company offers seaborne transportation services by operating vessels in the containership and drybulk sectors of the shipping industry. As of April 03, 2024, it had a fleet of 68 containerships aggregating 421,293 twenty-foot equivalent units in capacity.