ZIM Integrated Shipping Services (NYSE:ZIM) Shares Gap Down – Here’s Why

Shares of ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) gapped down prior to trading on Wednesday . The stock had previously closed at $28.49, but opened at $26.80. ZIM Integrated Shipping Services shares last traded at $27.1740, with a volume of 1,160,543 shares traded.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of ZIM Integrated Shipping Services from $9.00 to $16.50 and gave the stock an “underweight” rating in a research note on Tuesday, June 30th. Barclays raised their target price on shares of ZIM Integrated Shipping Services from $14.50 to $17.00 and gave the company an “underweight” rating in a research report on Tuesday, June 30th. Weiss Ratings restated a “hold (c-)” rating on shares of ZIM Integrated Shipping Services in a report on Friday, June 5th. Finally, Zacks Research upgraded shares of ZIM Integrated Shipping Services from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, ZIM Integrated Shipping Services currently has a consensus rating of “Hold” and an average target price of $19.33.

ZIM Integrated Shipping Services Trading Down 6.6%

The stock’s fifty day simple moving average is $25.33 and its 200-day simple moving average is $25.71. The firm has a market cap of $3.21 billion, a PE ratio of 32.85 and a beta of 1.21. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.19 and a quick ratio of 1.09.

ZIM Integrated Shipping Services (NYSE:ZIM) last announced its quarterly earnings data on Thursday, May 21st. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.50). ZIM Integrated Shipping Services had a net margin of 1.56% and a negative return on equity of 0.26%. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.48 billion. On average, sell-side analysts forecast that ZIM Integrated Shipping Services Ltd. will post 3.15 earnings per share for the current year.

Insider Transactions at ZIM Integrated Shipping Services

In other ZIM Integrated Shipping Services news, EVP Saar Dotan sold 20,000 shares of ZIM Integrated Shipping Services stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $24.63, for a total transaction of $492,600.00. Following the completion of the sale, the executive vice president owned 131,667 shares of the company’s stock, valued at approximately $3,242,958.21. The trade was a 13.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 61,000 shares of company stock valued at $1,537,310. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its position in ZIM Integrated Shipping Services by 20.1% in the first quarter. Goldman Sachs Group Inc. now owns 4,720,986 shares of the company’s stock valued at $68,879,000 after buying an additional 788,514 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd purchased a new position in ZIM Integrated Shipping Services during the 4th quarter worth approximately $89,845,000. Meitav Investment House Ltd. lifted its stake in ZIM Integrated Shipping Services by 13.7% during the 1st quarter. Meitav Investment House Ltd. now owns 3,906,396 shares of the company’s stock valued at $102,934,000 after acquiring an additional 472,092 shares during the period. Yelin Lapidot Holdings Management Ltd. lifted its stake in ZIM Integrated Shipping Services by 1.2% during the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 3,308,773 shares of the company’s stock valued at $86,028,000 after acquiring an additional 40,000 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of ZIM Integrated Shipping Services by 2.0% in the 1st quarter. Renaissance Technologies LLC now owns 2,936,288 shares of the company’s stock valued at $77,371,000 after acquiring an additional 58,603 shares during the last quarter. 21.42% of the stock is currently owned by hedge funds and other institutional investors.

ZIM Integrated Shipping Services Company Profile

ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) is a global container shipping company specializing in the transportation of dry cargo, refrigerated goods and special project cargo. The company operates a modern fleet of container vessels that call at major ports worldwide, offering scheduled liner services and tailored logistics solutions to exporters, importers and freight forwarders.

Founded in 1945 in Haifa, Israel, ZIM has grown from a regional carrier into a worldwide operator through a series of strategic partnerships, fleet expansions and network enhancements.