Short Interest in ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) Drops By 18.4%

Key Points

• Short interest dropped 18.4% to 3,108,732 shares as of April 15, representing about 2.6% of the stock and a days-to-cover ratio of 2.5.
• ZIM raised its quarterly dividend to $0.88 (annualized $3.52), up from $0.31, giving the stock a 13.3% dividend yield.
• Analysts have a consensus rating of Hold with an average price target of $18.14, while the shares trade near $26.44 with a market cap of $3.18 billion and a P/E of 6.64.

ZIM Integrated Shipping Services Ltd. (NYSE:ZIM - Get Free Report) was the recipient of a significant decline in short interest in April. As of April 15th, there was short interest totaling 3,108,732 shares, a decline of 18.4% from the March 31st total of 3,809,528 shares. Approximately 2.6% of the company's stock are short sold. Based on an average trading volume of 1,256,051 shares, the days-to-cover ratio is currently 2.5 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ZIM shares. Citigroup raised shares of ZIM Integrated Shipping Services from a "sell" rating to a "neutral" rating and increased their target price for the company from $11.50 to $31.80 in a research report on Thursday, February 19th. Barclays boosted their target price on ZIM Integrated Shipping Services from $13.70 to $15.80 and gave the stock an "underweight" rating in a research note on Monday, March 16th. Weiss Ratings cut ZIM Integrated Shipping Services from a "buy (b-)" rating to a "hold (c-)" rating in a research note on Tuesday, March 10th. The Goldman Sachs Group restated a "neutral" rating and set a $21.00 price target on shares of ZIM Integrated Shipping Services in a research note on Wednesday, January 14th. Finally, Fearnley Fonds raised shares of ZIM Integrated Shipping Services from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, February 18th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $18.14.

ZIM Integrated Shipping Services Stock Performance

NYSE ZIM traded up $0.43 on Thursday, hitting $26.44. 883,525 shares of the company's stock traded hands, compared to its average volume of 1,072,291. The firm's 50-day moving average price is $27.06 and its two-hundred day moving average price is $22.02. The firm has a market capitalization of $3.18 billion, a PE ratio of 6.64 and a beta of 1.55. The company has a current ratio of 1.23, a quick ratio of 1.15 and a debt-to-equity ratio of 1.14. ZIM Integrated Shipping Services has a 1-year low of $12.33 and a 1-year high of $29.97.

ZIM Integrated Shipping Services (NYSE:ZIM - Get Free Report) last issued its earnings results on Saturday, February 14th. The company reported $0.32 earnings per share (EPS) for the quarter. The firm had revenue of $1.48 billion during the quarter. ZIM Integrated Shipping Services had a net margin of 6.94% and a return on equity of 9.33%. As a group, analysts expect that ZIM Integrated Shipping Services will post -7.24 EPS for the current year.

ZIM Integrated Shipping Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 26th. Stockholders of record on Friday, March 20th were paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 13.3%. The ex-dividend date of this dividend was Friday, March 20th. This is a positive change from ZIM Integrated Shipping Services's previous quarterly dividend of $0.31. ZIM Integrated Shipping Services's dividend payout ratio is 1.51%.

Hedge Funds Weigh In On ZIM Integrated Shipping Services

A number of hedge funds have recently bought and sold shares of ZIM. Hoey Investments Inc. purchased a new stake in shares of ZIM Integrated Shipping Services during the fourth quarter worth about $25,000. Lodestone Wealth Management LLC acquired a new stake in ZIM Integrated Shipping Services in the 4th quarter worth about $29,000. Quarry LP purchased a new stake in ZIM Integrated Shipping Services during the 3rd quarter worth approximately $34,000. Huntington National Bank increased its position in shares of ZIM Integrated Shipping Services by 200,000.0% during the fourth quarter. Huntington National Bank now owns 2,001 shares of the company's stock worth $42,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Triumph Capital Management purchased a new stake in shares of ZIM Integrated Shipping Services during the third quarter worth approximately $44,000. Hedge funds and other institutional investors own 21.42% 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.