Oppenheimer & Co. Inc. Invests $935,000 in Danaos Co. (NYSE:DAC)

Oppenheimer & Co. Inc. purchased a new stake in Danaos Co. (NYSE:DAC) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,776 shares of the shipping company’s stock, valued at approximately $935,000.

A number of other large investors have also added to or reduced their stakes in DAC. CWA Asset Management Group LLC bought a new stake in Danaos during the third quarter worth about $445,000. Janney Montgomery Scott LLC lifted its holdings in shares of Danaos by 2.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 26,908 shares of the shipping company’s stock worth $2,334,000 after acquiring an additional 766 shares during the period. Farther Finance Advisors LLC acquired a new stake in shares of Danaos during the 3rd quarter worth approximately $53,000. U S Global Investors Inc. bought a new position in Danaos in the third quarter valued at about $296,000. Finally, Blue Trust Inc. raised its stake in Danaos by 221.2% during the third quarter. Blue Trust Inc. now owns 3,720 shares of the shipping company’s stock worth $344,000 after acquiring an additional 2,562 shares in the last quarter. Institutional investors and hedge funds own 19.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on DAC shares. StockNews.com lowered shares of Danaos from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Jefferies Financial Group reaffirmed a “buy” rating and set a $105.00 target price on shares of Danaos in a report on Tuesday, November 12th.

Danaos Stock Down 0.1 %

Shares of NYSE DAC opened at $86.28 on Wednesday. The company’s 50 day moving average price is $83.35 and its 200-day moving average price is $85.39. The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.78 and a current ratio of 3.93. Danaos Co. has a 52-week low of $66.45 and a 52-week high of $98.25. The company has a market capitalization of $1.68 billion, a P/E ratio of 2.98 and a beta of 1.47.

Danaos (NYSE:DAC) last issued its quarterly earnings results on Tuesday, November 12th. The shipping company reported $6.50 earnings per share for the quarter, missing analysts’ consensus estimates of $6.86 by ($0.36). Danaos had a return on equity of 16.68% and a net margin of 56.16%. The business had revenue of $256.18 million for the quarter, compared to analyst estimates of $251.16 million. During the same quarter in the previous year, the business posted $7.26 earnings per share. Equities analysts forecast that Danaos Co. will post 27.56 earnings per share for the current year.

Danaos Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Monday, November 25th will be paid a $0.85 dividend. The ex-dividend date is Monday, November 25th. This is an increase from Danaos’s previous quarterly dividend of $0.80. This represents a $3.40 annualized dividend and a dividend yield of 3.94%. Danaos’s dividend payout ratio (DPR) is currently 11.07%.

About Danaos

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.