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

Posted by on Mar 15th, 2023

ZIM Integrated Shipping Services Ltd. (NYSE:ZIM – Get Rating)’s share price gapped up prior to trading on Monday following a stronger than expected earnings report. The stock had previously closed at $19.57, but opened at $22.30. ZIM Integrated Shipping Services shares last traded at $23.58, with a volume of 5,680,350 shares trading hands.

The company reported $3.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $1.18. ZIM Integrated Shipping Services had a net margin of 42.71% and a return on equity of 118.65%. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter in the prior year, the company earned $14.17 EPS.

ZIM Integrated Shipping Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Friday, March 24th will be issued a dividend of $6.40 per share. This is a positive change from ZIM Integrated Shipping Services’s previous quarterly dividend of $2.95. This represents a $25.60 dividend on an annualized basis and a yield of 111.21%. The ex-dividend date of this dividend is Tuesday, April 4th. ZIM Integrated Shipping Services’s dividend payout ratio is currently 24.04%.

Wall Street Analyst Weigh In

A number of research firms recently commented on ZIM. Barclays lowered shares of ZIM Integrated Shipping Services from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $26.50 to $15.00 in a report on Monday, February 13th. JPMorgan Chase & Co. upgraded shares of ZIM Integrated Shipping Services from a “neutral” rating to an “overweight” rating and upped their price target for the company from $17.60 to $30.40 in a report on Friday, February 17th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $20.00 price target on shares of ZIM Integrated Shipping Services in a report on Monday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, ZIM Integrated Shipping Services currently has a consensus rating of “Hold” and an average price target of $27.08.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC raised its holdings in ZIM Integrated Shipping Services by 76.5% in the 4th quarter. Voya Investment Management LLC now owns 21,713 shares of the company’s stock worth $373,000 after purchasing an additional 9,411 shares in the last quarter. Macquarie Group Ltd. increased its stake in shares of ZIM Integrated Shipping Services by 52.0% in the 4th quarter. Macquarie Group Ltd. now owns 12,208 shares of the company’s stock worth $210,000 after acquiring an additional 4,179 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of ZIM Integrated Shipping Services in the 4th quarter worth about $232,000. Coppell Advisory Solutions Corp. bought a new position in shares of ZIM Integrated Shipping Services in the 4th quarter worth about $38,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of ZIM Integrated Shipping Services in the 4th quarter worth about $953,000. 36.74% of the stock is currently owned by institutional investors.

ZIM Integrated Shipping Services Stock Performance

The company has a current ratio of 1.58, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. The company’s 50 day moving average is $20.37 and its 200-day moving average is $22.92. The company has a market capitalization of $2.76 billion, a P/E ratio of 0.47 and a beta of 2.19.

ZIM Integrated Shipping Services Company Profile

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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.

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