Zacks Investment Research cut shares of Danaos Corporation (NYSE:DAC) from a buy rating to a hold rating in a research report report published on Tuesday morning.
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. “
DAC has been the topic of several other reports. Jefferies Group LLC restated a hold rating and set a $3.00 target price on shares of Danaos Corporation in a research report on Monday, July 10th. ValuEngine lowered shares of Danaos Corporation from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, BidaskClub upgraded shares of Danaos Corporation from a sell rating to a hold rating in a research report on Friday, July 14th. Five investment analysts have rated the stock with a hold rating, The stock currently has an average rating of Hold and an average price target of $2.25.
Danaos Corporation (DAC) traded up 0.000% during midday trading on Tuesday, hitting $1.475. The stock had a trading volume of 7,060 shares. The stock has a 50 day moving average of $1.89 and a 200 day moving average of $1.84. The stock’s market cap is $161.95 million. Danaos Corporation has a 12 month low of $1.25 and a 12 month high of $4.40.
Danaos Corporation (NYSE:DAC) last issued its quarterly earnings results on Monday, July 31st. The shipping company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.05. Danaos Corporation had a negative net margin of 92.96% and a positive return on equity of 16.72%. The business had revenue of $113.88 million for the quarter, compared to analyst estimates of $108.01 million. During the same period in the previous year, the business posted $0.43 earnings per share. The business’s revenue was down 16.9% compared to the same quarter last year. Analysts expect that Danaos Corporation will post $0.89 EPS for the current fiscal year.
A hedge fund recently raised its stake in Danaos Corporation stock. Bank of New York Mellon Corp increased its stake in Danaos Corporation (NYSE:DAC) by 4.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,802 shares of the shipping company’s stock after buying an additional 4,383 shares during the period. Bank of New York Mellon Corp owned approximately 0.10% of Danaos Corporation worth $194,000 at the end of the most recent reporting period. 2.14% of the stock is currently owned by institutional investors.
About Danaos Corporation
Danaos Corporation is a holding company and an international owner of containerships, chartering its vessels to a range of liner companies. The Company’s principal business is the acquisition and operation of vessels. The Company conducts its operations through the vessel owning companies, whose principal activity is the ownership and operation of containerships that are under the management of a related party of the company.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
What are top analysts saying about Danaos Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Danaos Corporation and related companies.