Bank of America Corp DE Sells 1,277,139 Shares of ZIM Integrated Shipping Services Ltd. $ZIM

Key Points

• Bank of America cut its ZIM stake by 98.1% in the first quarter, selling 1,277,139 shares and retaining 24,823 shares valued at approximately $654,000.
• ZIM shares opened at $28.59, near their 52-week high of $29.97; the company has a $3.45 billion market capitalization and a 1.18 beta.
• ZIM reported quarterly EPS of $0.53, below the $0.80 consensus estimate, while analysts maintain a consensus “Hold” rating with an average price target of $19.83.

Bank of America Corp DE trimmed its holdings in ZIM Integrated Shipping Services Ltd. (NYSE:ZIM - Free Report) by 98.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,823 shares of the company's stock after selling 1,277,139 shares during the period. Bank of America Corp DE's holdings in ZIM Integrated Shipping Services were worth $654,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Quarry LP bought a new stake in ZIM Integrated Shipping Services during the 3rd quarter worth approximately $34,000. Huntington National Bank boosted its stake in ZIM Integrated Shipping Services by 200,000.0% in the 4th quarter. Huntington National Bank now owns 2,001 shares of the company's stock worth $42,000 after purchasing an additional 2,000 shares during the period. Larson Financial Group LLC boosted its stake in ZIM Integrated Shipping Services by 158.8% in the 3rd quarter. Larson Financial Group LLC now owns 3,256 shares of the company's stock worth $44,000 after purchasing an additional 1,998 shares during the period. Triumph Capital Management bought a new position in ZIM Integrated Shipping Services during the 3rd quarter worth about $44,000. Finally, Assetmark Inc. bought a new position in ZIM Integrated Shipping Services during the 1st quarter worth about $59,000. 21.42% of the stock is currently owned by institutional investors.

ZIM Integrated Shipping Services Stock Up 0.0%

Shares of ZIM stock opened at $28.59 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.15 and a current ratio of 1.24. The firm's 50-day moving average is $26.05 and its 200-day moving average is $26.28. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 24.86 and a beta of 1.18. ZIM Integrated Shipping Services Ltd. has a 52-week low of $12.33 and a 52-week high of $29.97.

ZIM Integrated Shipping Services (NYSE:ZIM - Get Free Report) last posted its quarterly earnings results on Thursday, August 20th. The company reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $0.80 by ($0.27). ZIM Integrated Shipping Services had a return on equity of 1.11% and a net margin of 2.15%.The business had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.79 billion. Sell-side analysts predict that ZIM Integrated Shipping Services Ltd. will post 3.15 EPS for the current year.

Analysts Set New Price Targets

ZIM has been the subject of several recent research reports. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of ZIM Integrated Shipping Services in a research report on Wednesday, September 2nd. Zacks Research cut ZIM Integrated Shipping Services from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 31st. Barclays upped their price target on ZIM Integrated Shipping Services from $17.00 to $20.00 and gave the stock an "underweight" rating in a research report on Thursday, August 27th. Finally, JPMorgan Chase & Co. raised their price target 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. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, ZIM Integrated Shipping Services currently has a consensus rating of "Hold" and a consensus price target of $19.83.

Insiders Place Their Bets

In other news, EVP Xavier Destriau sold 12,084 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $28.80, for a total value of $348,019.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nissim Yochai sold 7,535 shares of ZIM Integrated Shipping Services stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $28.83, for a total transaction of $217,234.05. The disclosure for this sale is available in the SEC filing. Insiders have sold 288,840 shares of company stock worth $8,140,860 in the last quarter. Company insiders own 1.30% of the company's stock.

About ZIM Integrated Shipping Services

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.

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