ZIM Integrated Shipping Services (NYSE:ZIM) Shares Up 8.4% – Time to Buy?

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

Analysts Set New Price Targets

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

ZIM Integrated Shipping Services Stock Up 9.3 %

The stock has a 50 day simple moving average of $20.52 and a 200-day simple moving average of $18.97. The firm has a market cap of $2.85 billion, a PE ratio of -1.44, a PEG ratio of 0.04 and a beta of 1.86. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.04 and a quick ratio of 0.97.

ZIM Integrated Shipping Services (NYSE:ZIM) last posted its quarterly earnings results on Monday, August 19th. The company reported $3.08 earnings per share for the quarter, topping the consensus estimate of $2.07 by $1.01. ZIM Integrated Shipping Services had a positive return on equity of 2.89% and a negative net margin of 32.81%. The firm had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the previous year, the business earned ($1.37) earnings per share. Sell-side analysts predict that ZIM Integrated Shipping Services Ltd. will post 12.11 EPS for the current fiscal year.

ZIM Integrated Shipping Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 29th were issued a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a yield of 15.69%. The ex-dividend date of this dividend was Thursday, August 29th. This is a positive change from ZIM Integrated Shipping Services’s previous quarterly dividend of $0.23. ZIM Integrated Shipping Services’s payout ratio is currently -5.64%.

Institutional Trading of ZIM Integrated Shipping Services

Hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its stake in shares of ZIM Integrated Shipping Services by 479.9% in the second 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 boosted its holdings in shares of ZIM Integrated Shipping Services by 638.6% in the 2nd 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 during the period. Encompass Capital Advisors LLC purchased a new position in shares of ZIM Integrated Shipping Services in the 2nd quarter worth approximately $14,383,000. International Assets Investment Management LLC boosted its holdings in shares of ZIM Integrated Shipping Services by 2,228.7% in the 3rd quarter. International Assets Investment Management LLC now owns 402,862 shares of the company’s stock worth $10,337,000 after purchasing an additional 385,562 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of ZIM Integrated Shipping Services by 306.7% during the 2nd quarter. Millennium Management LLC now owns 425,795 shares of the company’s stock worth $9,440,000 after acquiring an additional 321,100 shares during the last quarter. Institutional investors own 21.42% of the company’s stock.

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.