ZIM Integrated Shipping Services (NYSE:ZIM) Shares Gap Up After Earnings Beat

ZIM Integrated Shipping Services Ltd. (NYSE:ZIM)’s stock price gapped up before the market opened on Monday following a stronger than expected earnings report. The stock had previously closed at $19.06, but opened at $22.04. ZIM Integrated Shipping Services shares last traded at $21.85, with a volume of 7,014,840 shares traded.

The company reported $3.08 EPS for the quarter, beating the consensus estimate of $2.07 by $1.01. ZIM Integrated Shipping Services had a negative net margin of 47.59% and a negative return on equity of 14.80%. The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the prior year, the company posted ($1.37) earnings per share.

ZIM Integrated Shipping Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 29th will be given a dividend of $0.93 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $3.72 annualized dividend and a dividend yield of 16.49%. 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 currently -4.35%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Citigroup downgraded ZIM Integrated Shipping Services from a “neutral” rating to a “sell” rating and increased their price target for the company from $11.60 to $13.00 in a research report on Thursday, June 6th. Jefferies Financial Group reaffirmed a “buy” rating and set a $22.00 target price on shares of ZIM Integrated Shipping Services in a research report on Monday. Finally, Barclays lifted their target price on ZIM Integrated Shipping Services from $5.00 to $10.00 and gave the stock an “underweight” rating in a research note on Tuesday, May 28th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ZIM Integrated Shipping Services currently has a consensus rating of “Hold” and an average target price of $12.41.

Institutional Trading of ZIM Integrated Shipping Services

Large investors have recently bought and sold shares of the company. Renaissance Technologies LLC grew its stake in shares of ZIM Integrated Shipping Services by 479.9% during the 2nd quarter. Renaissance Technologies LLC now owns 2,635,500 shares of the company’s stock worth $58,429,000 after acquiring an additional 2,181,000 shares during the period. Marshall Wace LLP lifted 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 valued at $53,148,000 after purchasing an additional 2,072,715 shares during the last quarter. American Century Companies Inc. boosted its position in ZIM Integrated Shipping Services by 7.8% during the second quarter. American Century Companies Inc. now owns 1,759,141 shares of the company’s stock worth $39,000,000 after purchasing an additional 127,229 shares during the period. Encompass Capital Advisors LLC purchased a new position in shares of ZIM Integrated Shipping Services in the second quarter worth about $14,383,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of ZIM Integrated Shipping Services by 82.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 512,103 shares of the company’s stock valued at $5,054,000 after purchasing an additional 231,955 shares during the period. 21.42% of the stock is owned by hedge funds and other institutional investors.

ZIM Integrated Shipping Services Stock Up 1.4 %

The stock’s 50 day moving average is $19.41 and its 200 day moving average is $15.66. The company has a market capitalization of $2.71 billion, a PE ratio of -1.07, a PEG ratio of 0.09 and a beta of 1.85. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.90 and a current ratio of 0.98.

About ZIM Integrated Shipping Services

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.