Danaos (NYSE:DAC) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Danaos (NYSE:DAC) from a hold rating to a sell rating in a research note released on Wednesday, March 7th.

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 subject of several other reports. Jefferies Group assumed coverage on shares of Danaos in a research report on Monday, December 18th. They set a hold rating and a $3.00 target price for the company. ValuEngine lowered shares of Danaos from a buy rating to a hold rating in a research report on Sunday, December 31st.

Shares of Danaos (DAC) traded down $0.02 during midday trading on Wednesday, reaching $1.25. 8,162 shares of the company were exchanged, compared to its average volume of 49,282. Danaos has a one year low of $1.25 and a one year high of $3.20. The stock has a market cap of $137.25, a PE ratio of 1.21 and a beta of 0.73.

Danaos (NYSE:DAC) last issued its earnings results on Monday, February 12th. The shipping company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.07. Danaos had a net margin of 18.57% and a return on equity of 22.61%. The business had revenue of $114.17 million during the quarter, compared to analysts’ expectations of $105.45 million. analysts expect that Danaos will post 0.63 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC bought a new position in Danaos during the fourth quarter valued at $132,000. Deutsche Bank AG increased its position in Danaos by 3,841.8% during the fourth quarter. Deutsche Bank AG now owns 91,135 shares of the shipping company’s stock valued at $132,000 after acquiring an additional 88,823 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its holdings 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 purchasing an additional 80,962 shares during the last quarter. 2.04% of the stock is currently owned by institutional investors.

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Danaos 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.

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