Ermenegildo Zegna (NYSE:ZGN) Upgraded at Wall Street Zen

Ermenegildo Zegna (NYSE:ZGN) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Sunday.

Several other analysts also recently commented on ZGN. JPMorgan Chase & Co. raised their price objective on shares of Ermenegildo Zegna from $12.50 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. TD Cowen raised Ermenegildo Zegna from a “hold” rating to a “buy” rating and lifted their target price for the company from $13.00 to $15.00 in a research report on Wednesday, May 20th. UBS Group reiterated a “buy” rating and issued a $14.50 price objective on shares of Ermenegildo Zegna in a research note on Friday, May 1st. The Goldman Sachs Group downgraded Ermenegildo Zegna from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $13.30 to $14.00 in a research note on Wednesday, June 17th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ermenegildo Zegna in a research note on Monday, April 20th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Ermenegildo Zegna has a consensus rating of “Moderate Buy” and a consensus price target of $13.01.

Ermenegildo Zegna Trading Down 0.9%

ZGN traded down $0.13 during trading on Friday, reaching $13.44. 1,239,968 shares of the company’s stock were exchanged, compared to its average volume of 1,272,061. Ermenegildo Zegna has a one year low of $7.61 and a one year high of $15.44. The firm has a fifty day moving average price of $13.59 and a two-hundred day moving average price of $11.65. The company has a current ratio of 1.59, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15.

Insiders Place Their Bets

In other news, CFO Gian Franco Santhia sold 5,768 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $13.12, for a total transaction of $75,676.16. Following the transaction, the chief financial officer directly owned 44,448 shares in the company, valued at approximately $583,157.76. This represents a 11.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alessandro Sartori sold 6,505 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $13.12, for a total transaction of $85,345.60. Following the transaction, the director directly owned 142,237 shares in the company, valued at approximately $1,866,149.44. This represents a 4.37% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 31,378 shares of company stock valued at $411,679 over the last 90 days. Insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC lifted its stake in shares of Ermenegildo Zegna by 182.8% in the first quarter. Millennium Management LLC now owns 1,149,055 shares of the company’s stock worth $8,503,000 after buying an additional 742,680 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Ermenegildo Zegna by 22.7% in the first quarter. Goldman Sachs Group Inc. now owns 134,503 shares of the company’s stock valued at $995,000 after acquiring an additional 24,862 shares during the period. Jane Street Group LLC purchased a new position in shares of Ermenegildo Zegna in the first quarter worth approximately $1,161,000. Geode Capital Management LLC purchased a new position in shares of Ermenegildo Zegna during the 2nd quarter worth $6,245,000. Finally, JPMorgan Chase & Co. grew its holdings in Ermenegildo Zegna by 59,691.8% during the second quarter. JPMorgan Chase & Co. now owns 29,298 shares of the company’s stock valued at $250,000 after purchasing an additional 29,249 shares during the period. Hedge funds and other 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.