ZIM Integrated Shipping Services (NYSE:ZIM) Shares Down 4.6% – Here’s What Happened

Shares of ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) dropped 4.6% on Monday . The company traded as low as $22.32 and last traded at $22.69. Approximately 1,315,558 shares traded hands during trading, a decline of 79% from the average daily volume of 6,125,721 shares. The stock had previously closed at $23.78.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ZIM shares. Barclays upped their target price on shares of ZIM Integrated Shipping Services from $13.90 to $16.50 and gave the company an “underweight” rating in a research note on Monday. Jefferies Financial Group reiterated a “hold” rating and issued a $25.00 price target on shares of ZIM Integrated Shipping Services in a report on Wednesday, November 20th. JPMorgan Chase & Co. restated an “underweight” rating and set a $10.50 price objective on shares of ZIM Integrated Shipping Services in a research note on Tuesday, September 10th. Bank of America boosted their target price on shares of ZIM Integrated Shipping Services from $12.20 to $13.70 and gave the company an “underperform” rating in a research note on Wednesday, August 28th. Finally, Fearnley Fonds downgraded shares of ZIM Integrated Shipping Services from a “hold” rating to a “strong sell” rating in a research report on Thursday. Five equities research analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, ZIM Integrated Shipping Services currently has an average rating of “Reduce” and a consensus price target of $15.74.

ZIM Integrated Shipping Services Price Performance

The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.26 and a current ratio of 1.33. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 1.82, a price-to-earnings-growth ratio of 0.05 and a beta of 1.88. The business’s 50 day simple moving average is $22.78 and its 200-day simple moving average is $20.56.

ZIM Integrated Shipping Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, December 2nd will be given a dividend of $2.81 per share. This represents a $11.24 dividend on an annualized basis and a yield of 50.95%. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from ZIM Integrated Shipping Services’s previous quarterly dividend of $0.93. ZIM Integrated Shipping Services’s payout ratio is 9.72%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Virtu Financial LLC purchased a new position in ZIM Integrated Shipping Services in the 3rd quarter worth about $893,000. Sunbelt Securities Inc. acquired a new stake in ZIM Integrated Shipping Services during the 3rd quarter valued at $71,000. Geode Capital Management LLC lifted its holdings in shares of ZIM Integrated Shipping Services by 3.4% in the third quarter. Geode Capital Management LLC now owns 88,086 shares of the company’s stock valued at $2,260,000 after purchasing an additional 2,873 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of ZIM Integrated Shipping Services in the third quarter worth $3,364,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in ZIM Integrated Shipping Services during the 3rd quarter worth about $2,612,000. 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.