Zacks Investment Research cut shares of Danaos (NYSE:DAC) from a hold rating to a sell rating in a research note issued to investors on Wednesday.
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 equities analysts also recently commented on the stock. Jefferies Group initiated coverage on shares of Danaos in a research note on Monday, December 18th. They issued a hold rating and a $3.00 price target for the company. ValuEngine downgraded shares of Danaos from a buy rating to a hold rating in a research note on Sunday, December 31st.
Danaos (NYSE:DAC) last announced its earnings results on Thursday, February 22nd. The shipping company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.07. The company had revenue of $114.17 million for the quarter, compared to analyst estimates of $105.45 million. Danaos had a return on equity of 22.61% and a net margin of 18.57%. analysts anticipate that Danaos will post 0.63 earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of DAC. Renaissance Technologies LLC acquired a new position in shares of Danaos in the fourth quarter worth $132,000. Deutsche Bank AG grew its stake in shares of Danaos by 3,841.8% in the fourth quarter. Deutsche Bank AG now owns 91,135 shares of the shipping company’s stock worth $132,000 after acquiring an additional 88,823 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its stake in shares of Danaos by 4.7% in the third quarter. Neuberger Berman Group LLC now owns 1,810,713 shares of the shipping company’s stock worth $2,535,000 after acquiring an additional 80,962 shares in the last quarter. Institutional investors and hedge funds own 2.04% of the company’s stock.
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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.
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