ZIM Integrated Shipping Services (NYSE:ZIM) Shares Up 8.4% – Here’s What Happened

Shares of ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) rose 8.4% during trading on Thursday . The stock traded as high as $23.59 and last traded at $23.53. Approximately 2,584,039 shares changed hands during trading, a decline of 57% from the average daily volume of 6,044,241 shares. The stock had previously closed at $21.70.

Analyst Ratings Changes

A number of research analysts recently commented on ZIM shares. Barclays upped their price objective on ZIM Integrated Shipping Services from $12.30 to $13.90 and gave the company an “underweight” rating in a report on Wednesday, October 23rd. Bank of America boosted their price objective on shares of ZIM Integrated Shipping Services from $12.20 to $13.70 and gave the company an “underperform” rating in a report on Wednesday, August 28th. Jefferies Financial Group lowered shares of ZIM Integrated Shipping Services from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $10.50 price target on shares of ZIM Integrated Shipping Services in a research report on Tuesday, September 10th. Four equities research analysts have rated the stock with a sell rating and one has given a hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $15.22.

ZIM Integrated Shipping Services Stock Performance

The stock has a market capitalization of $2.92 billion, a PE ratio of -1.49, a P/E/G ratio of 0.04 and a beta of 1.88. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.97 and a current ratio of 1.04. The firm’s 50 day moving average is $20.65 and its two-hundred day moving average is $19.10.

ZIM Integrated Shipping Services (NYSE:ZIM) last posted its quarterly earnings data on Monday, August 19th. The company reported $3.08 earnings per share for the quarter, topping analysts’ consensus estimates of $2.07 by $1.01. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.71 billion. ZIM Integrated Shipping Services had a positive return on equity of 2.89% and a negative net margin of 32.81%. During the same quarter in the prior year, the company earned ($1.37) earnings per share. As a group, research analysts predict that ZIM Integrated Shipping Services Ltd. will post 12.11 earnings per share for the current year.

ZIM Integrated Shipping Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 29th were paid a $0.93 dividend. This represents a $3.72 annualized dividend and a dividend yield of 15.31%. The ex-dividend date was Thursday, August 29th. This is a boost from ZIM Integrated Shipping Services’s previous quarterly dividend of $0.23. ZIM Integrated Shipping Services’s dividend payout ratio (DPR) is presently -5.64%.

Institutional Investors Weigh In On ZIM Integrated Shipping Services

A number of large investors have recently modified their holdings of ZIM. Renaissance Technologies LLC increased its stake in ZIM Integrated Shipping Services by 479.9% in the 2nd quarter. Renaissance Technologies LLC now owns 2,635,500 shares of the company’s stock valued at $58,429,000 after buying an additional 2,181,000 shares during the period. Marshall Wace LLP raised its holdings in ZIM Integrated Shipping Services by 638.6% during the second quarter. Marshall Wace LLP now owns 2,397,311 shares of the company’s stock worth $53,148,000 after purchasing an additional 2,072,715 shares in the last quarter. Encompass Capital Advisors LLC purchased a new stake in ZIM Integrated Shipping Services in the 2nd quarter valued at approximately $14,383,000. International Assets Investment Management LLC raised its stake in shares of ZIM Integrated Shipping Services by 2,228.7% during the 3rd quarter. International Assets Investment Management LLC now owns 402,862 shares of the company’s stock worth $10,337,000 after buying an additional 385,562 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of ZIM Integrated Shipping Services by 306.7% in the second quarter. Millennium Management LLC now owns 425,795 shares of the company’s stock valued at $9,440,000 after buying an additional 321,100 shares in the last quarter. 21.42% of the stock is owned by hedge funds and other institutional investors.

ZIM Integrated Shipping Services Company Profile

ZIM Integrated Shipping Services Ltd., together with its subsidiaries, provides container shipping and related services in Israel and internationally. It provides door-to-door and port-to-port transportation services for various types of customers, including end-users, consolidators, and freight forwarders.