Bank of America Cuts ZIM Integrated Shipping Services (NYSE:ZIM) Price Target to $12.80

ZIM Integrated Shipping Services (NYSE:ZIM) had its price objective reduced by Bank of America from $16.00 to $12.80 in a report released on Friday,Benzinga reports. They currently have an underperform rating on the stock.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. cut their price objective on ZIM Integrated Shipping Services from $10.00 to $9.50 and set an “underweight” rating for the company in a research report on Friday, March 7th. Barclays cut their price target on ZIM Integrated Shipping Services from $16.00 to $13.50 and set an “underweight” rating on the stock in a research note on Monday, March 17th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price target on shares of ZIM Integrated Shipping Services in a research report on Wednesday, March 12th. Five research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.36.

ZIM Integrated Shipping Services Stock Up 9.6 %

Shares of ZIM Integrated Shipping Services stock opened at $13.81 on Friday. ZIM Integrated Shipping Services has a 52-week low of $9.75 and a 52-week high of $30.15. The company has a 50-day simple moving average of $17.77 and a two-hundred day simple moving average of $19.95. 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 $1.66 billion, a PE ratio of 1.16, a price-to-earnings-growth ratio of 0.27 and a beta of 1.84.

ZIM Integrated Shipping Services (NYSE:ZIM) last released its quarterly earnings results on Wednesday, March 12th. The company reported $4.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.47 by $1.19. ZIM Integrated Shipping Services had a return on equity of 48.63% and a net margin of 19.26%. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $1.99 billion. On average, analysts anticipate that ZIM Integrated Shipping Services will post 16.75 EPS for the current fiscal year.

ZIM Integrated Shipping Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 3rd. Stockholders of record on Monday, March 24th were given a dividend of $3.17 per share. This is a positive change from ZIM Integrated Shipping Services’s previous quarterly dividend of $2.81. The ex-dividend date was Monday, March 24th. This represents a $12.68 dividend on an annualized basis and a dividend yield of 91.84%. ZIM Integrated Shipping Services’s dividend payout ratio (DPR) is 6.51%.

Hedge Funds Weigh In On ZIM Integrated Shipping Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in ZIM Integrated Shipping Services by 59.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,811,447 shares of the company’s stock worth $46,482,000 after purchasing an additional 674,723 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of ZIM Integrated Shipping Services during the 4th quarter worth approximately $1,771,000. Decker Retirement Planning Inc. purchased a new stake in shares of ZIM Integrated Shipping Services in the fourth quarter valued at approximately $5,509,000. HighTower Advisors LLC boosted its position in shares of ZIM Integrated Shipping Services by 20.5% during the 4th quarter. HighTower Advisors LLC now owns 12,246 shares of the company’s stock valued at $263,000 after acquiring an additional 2,080 shares during the last quarter. Finally, Truist Financial Corp grew its holdings in shares of ZIM Integrated Shipping Services by 10.2% in the fourth quarter. Truist Financial Corp now owns 14,804 shares of the company’s stock valued at $318,000 after purchasing an additional 1,376 shares during the period. 21.42% of the stock is owned by hedge funds and other institutional investors.

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.