Danaos Corp. (NYSE:DAC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
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. “
Separately, Jefferies Group reissued a “hold” rating on shares of Danaos Corp. in a research note on Monday, August 1st.
Danaos Corp. (NYSE:DAC) traded down 3.64% on Tuesday, hitting $2.65. 42,983 shares of the company’s stock were exchanged. Danaos Corp. has a 12-month low of $2.57 and a 12-month high of $6.64. The company has a market cap of $290.97 million, a PE ratio of 2.12 and a beta of 1.02. The company’s 50-day moving average price is $3.18 and its 200-day moving average price is $3.59.
Danaos Corp. (NYSE:DAC) last released its quarterly earnings results on Monday, August 1st. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. The business had revenue of $137 million for the quarter, compared to the consensus estimate of $135.57 million. Danaos Corp. had a net margin of 24.43% and a return on equity of 21.29%. The business’s revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 EPS. Analysts forecast that Danaos Corp. will post $1.60 earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Institutional Trust Company N.A. acquired a new position in shares of Danaos Corp. during the first quarter worth $122,000. Renaissance Technologies LLC acquired a new position in shares of Danaos Corp. during the first quarter worth $128,000. Spark Investment Management LLC boosted its position in shares of Danaos Corp. by 71.6% in the first quarter. Spark Investment Management LLC now owns 35,700 shares of the company’s stock worth $135,000 after buying an additional 14,900 shares during the period. FCA Corp TX boosted its position in shares of Danaos Corp. by 188.3% in the second quarter. FCA Corp TX now owns 43,245 shares of the company’s stock worth $118,000 after buying an additional 28,245 shares during the period. Finally, Acrospire Investment Management LLC acquired a new position in shares of Danaos Corp. during the first quarter worth $253,000. Hedge funds and other institutional investors own 2.21% of the company’s stock.
Danaos Corp. Company Profile
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
Receive News & Ratings for Danaos Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Danaos Corp. and related companies with MarketBeat.com's FREE daily email newsletter.