Balyasny Asset Management LP recently announced the acquisition of new stake in Danaos Corporation (NYSE:DAC). The institutional investor has increased its shareholding in the Industrials company by 16.27% to 0.51 million shares with purchase of 71016.0 shares. This fresh investment now brings its stake to 2.45% valued currently at $26.73 million. In addition, No Street GP LP raised its holdings by 20000.0 to 0.34 million shares. And Arrowstreet Capital LP has lifted its position by 67.65% or 0.12 million shares – to 0.3 million shares.
With over 0.14 million Danaos Corporation (DAC) shares trading Friday and a closing price of $57.09 on the day, the dollar volume was approximately $8.22 million. The shares have shown a negative half year performance of -16.86% and its price on 01/20/23 gained nearly 1.17%. Currently, there are 20.30M common shares owned by the public and among those 10.82M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for DAC have a consensus price objective of $90.00. The analysts have set the share’s price value over the next 12 months at a high of $125.00 and a low of $65.00. The average price target is 36.57% above its recent price level and an upside to the estimated low will see the stock gain 12.17% over that period. But an upside of 54.33% will see the stock hit the forecast high price target while median target price for the stock is $80.00.
The top 3 mutual fund holders in Danaos Corporation are MGI Funds Plc – Mercer Global Sma, Schwab Fundamental US Small Compa, and Lumyna – MW TOPS UCITS Fund. MGI Funds Plc – Mercer Global Sma owns 47439.0 shares of the company’s stock, all valued at over $2.5 million. The company sold 5397.0 shares recently to bring their total holdings to about 0.23% of the shares outstanding. Schwab Fundamental US Small Compa bought 44.0 shares to see its total holdings expand to 28784.0 shares valued at over $1.52 million and representing 0.14% of the shares outstanding. Lumyna – MW TOPS UCITS Fund bought 22957.0 shares to bring its total holdings to over 22957.0 shares at a value of $1.21 million. Lumyna – MW TOPS UCITS Fund now owns shares totaling to 0.11% of the shares outstanding.
Shares of Danaos Corporation (NYSE: DAC) opened at $56.99, up $0.56 from a prior closing price of $56.43. However, the script later moved the day high at 57.38, up 1.17%. The company’s stock has a 5-day price change of 3.09% and -1.06% over the past three months. DAC shares are trading 8.41% year to date (YTD), with the 12-month market performance down to -29.69% lower. It has a 12-month low price of $51.10 and touched a high of $107.47 over the same period. DAC has an average intraday trading volume of 176.84K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.95%, 3.26%, and -14.29% respectively.
Institutional ownership of Danaos Corporation (NYSE: DAC) shares accounts for 21.40% of the company’s 20.30M shares outstanding. Mutual fund holders own 1.73%, while other institutional holders and individual stakeholders account for 18.94% and — respectively.
It has a market capitalization of $1.14B and a beta (3y monthly) value of 1.58. The stock’s trailing 12-month PE ratio is 2.06, while the earnings-per-share (ttm) stands at $27.73. The company has a PEG of 0.69 and a Quick Ratio of 2.30 with the debt-to-equity ratio at 0.38. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.37% over the week and 2.92% over the month.
Analysts forecast that Danaos Corporation (DAC) will achieve an EPS of $6.61 for the current quarter, $6.73 for the next quarter and $25.9 for 2023. The lowest estimate earnings-per-share for the quarter is $5.81 while analysts give the company a high EPS estimate of $7.42. Comparatively, EPS for the current quarter was $5.32 a year ago. Earnings per share for the fiscal year are expected to increase by 693.00%, and -26.51% over the next financial year. EPS should shrink at an annualized rate of 3.00% over the next five years, compared to 25.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Danaos Corporation (DAC) as a “Strong Buy” at a consensus score of 1.70. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 1 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the DAC, a number of firms have released research notes about the stock. Jefferies stated their Buy rating for the stock in a research note on July 21, 2022, with the firm’s price target at $100. Citigroup coverage for the Danaos Corporation (DAC) stock in a research note released on January 30, 2020 offered a Neutral rating with a price target of $8. Clarkson Capital on their part issued Hold rating on September 18, 2014.