Ermenegildo Zegna (NYSE:ZGN) Shares Gap Down – What’s Next?

Ermenegildo Zegna N.V. (NYSE:ZGN) gapped down prior to trading on Wednesday . The stock had previously closed at $14.49, but opened at $13.96. Ermenegildo Zegna shares last traded at $13.9850, with a volume of 109,806 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ZGN shares. Wall Street Zen upgraded Ermenegildo Zegna from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings reiterated a “hold (c)” rating on shares of Ermenegildo Zegna in a report on Monday, April 20th. UBS Group restated a “buy” rating and set a $14.50 price objective on shares of Ermenegildo Zegna in a research note on Friday, May 1st. TD Cowen upgraded Ermenegildo Zegna from a “hold” rating to a “buy” rating and upped their price objective for the stock from $13.00 to $15.00 in a research note on Wednesday, May 20th. Finally, The Goldman Sachs Group downgraded Ermenegildo Zegna from an “outperform” rating to a “neutral” rating and set a $14.00 price objective for the company. in a research note on Wednesday. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.68.

Ermenegildo Zegna Stock Down 3.0%

The stock has a 50 day moving average of $12.96 and a 200 day moving average of $11.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 1.59.

Ermenegildo Zegna (NYSE:ZGN) last issued its quarterly earnings data on Friday, March 20th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.11). The company had revenue of $577.83 million during the quarter, compared to analysts’ expectations of $1.17 billion. On average, equities analysts forecast that Ermenegildo Zegna N.V. will post 0.46 earnings per share for the current fiscal year.

Ermenegildo Zegna Cuts Dividend

The firm also recently declared an annual dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Monday, July 6th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, July 6th. This represents a dividend yield of 99.0%.

Insider Transactions at Ermenegildo Zegna

In other news, CEO Gianluca Ambrogio Tagliabue sold 19,105 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $13.12, for a total value of $250,657.60. Following the completion of the transaction, the chief executive officer owned 167,720 shares of the company’s stock, valued at approximately $2,200,486.40. This represents a 10.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gian Franco Santhia sold 5,768 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $13.12, for a total value of $75,676.16. Following the completion of the transaction, the chief financial officer directly owned 44,448 shares of the company’s stock, valued at approximately $583,157.76. The trade was a 11.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 31,378 shares of company stock valued at $411,679. 1.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ZGN. EverSource Wealth Advisors LLC grew its stake in shares of Ermenegildo Zegna by 48.3% in the first quarter. EverSource Wealth Advisors LLC now owns 2,788 shares of the company’s stock worth $29,000 after purchasing an additional 908 shares in the last quarter. California State Teachers Retirement System bought a new position in shares of Ermenegildo Zegna in the second quarter worth $33,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Ermenegildo Zegna by 11,382.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,904 shares of the company’s stock worth $40,000 after purchasing an additional 3,870 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of Ermenegildo Zegna in the second quarter worth $54,000. Finally, Legal & General Group Plc bought a new position in shares of Ermenegildo Zegna in the second quarter worth $59,000. Institutional investors own 12.91% of the company’s stock.

About Ermenegildo Zegna

Ermenegildo Zegna is a global luxury fashion house specializing in men’s tailored clothing, casualwear, accessories, footwear and fragrances. With a focus on high-quality fabrics and craftsmanship, the company manages the entire value chain from wool sourcing and textile production to garment design, manufacturing and retail distribution.

Founded in 1910 by Ermenegildo Zegna in Trivero, Italy, the company began as a textile mill dedicated to producing fine wool fabrics. Over the decades it expanded into ready-to-wear clothing and built a reputation for sartorial excellence.