ZIM Integrated Shipping Services (NYSE:ZIM) Reaches New 1-Year Low Following Weak Earnings

Posted by on May 24th, 2023

ZIM Integrated Shipping Services Ltd. (NYSE:ZIM – Get Rating) hit a new 52-week low on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $15.90 and last traded at $15.90, with a volume of 842787 shares. The stock had previously closed at $17.51.

The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.32). The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.56 billion. ZIM Integrated Shipping Services had a net margin of 27.90% and a return on equity of 50.43%. During the same period in the previous year, the company earned $14.19 earnings per share.

ZIM Integrated Shipping Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 3rd. Stockholders of record on Friday, March 24th were paid a $6.40 dividend. This represents a $25.60 annualized dividend and a dividend yield of 179.52%. This is a positive change from ZIM Integrated Shipping Services’s previous quarterly dividend of $2.95. The ex-dividend date was Tuesday, April 4th. ZIM Integrated Shipping Services’s dividend payout ratio is 108.15%.

Wall Street Analysts Forecast Growth

ZIM has been the subject of several analyst reports. Barclays reduced their price objective on ZIM Integrated Shipping Services from $15.00 to $13.00 in a research note on Tuesday. JPMorgan Chase & Co. lowered ZIM Integrated Shipping Services from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $27.00 to $20.80 in a research note on Friday, April 21st. Jefferies Financial Group reduced their price objective on ZIM Integrated Shipping Services from $20.00 to $16.00 in a research note on Tuesday. Finally, TheStreet lowered ZIM Integrated Shipping Services from a “c-” rating to a “d+” rating in a research note on Wednesday, April 26th. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $23.96.

Institutional Investors Weigh In On ZIM Integrated Shipping Services

A number of institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC grew its position in shares of ZIM Integrated Shipping Services by 166.9% during the first quarter. Renaissance Technologies LLC now owns 4,062,538 shares of the company’s stock valued at $295,387,000 after purchasing an additional 2,540,500 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of ZIM Integrated Shipping Services by 25.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 4,011,500 shares of the company’s stock valued at $94,591,000 after purchasing an additional 804,958 shares in the last quarter. BlackRock Inc. grew its position in shares of ZIM Integrated Shipping Services by 2.9% during the third quarter. BlackRock Inc. now owns 3,361,309 shares of the company’s stock valued at $78,990,000 after purchasing an additional 95,106 shares in the last quarter. Altshuler Shaham Ltd grew its position in shares of ZIM Integrated Shipping Services by 0.6% during the fourth quarter. Altshuler Shaham Ltd now owns 2,565,395 shares of the company’s stock valued at $44,099,000 after purchasing an additional 14,254 shares in the last quarter. Finally, Marshall Wace LLP grew its position in shares of ZIM Integrated Shipping Services by 158.2% during the third quarter. Marshall Wace LLP now owns 1,592,960 shares of the company’s stock valued at $37,438,000 after purchasing an additional 976,018 shares in the last quarter. Hedge funds and other institutional investors own 36.74% of the company’s stock.

ZIM Integrated Shipping Services Trading Down 2.9 %

The stock has a market cap of $1.71 billion, a PE ratio of 0.60 and a beta of 2.11. The stock has a 50-day moving average price of $19.58 and a two-hundred day moving average price of $20.22. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.60 and a quick ratio of 1.53.

ZIM Integrated Shipping Services Company Profile

(Get Rating)

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.

Read More

Receive News & Ratings for ZIM Integrated Shipping Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ZIM Integrated Shipping Services and related companies with MarketBeat.com's FREE daily email newsletter.