Ermenegildo Zegna (NYSE:ZGN) Rating Lowered to Hold at Wall Street Zen

Ermenegildo Zegna (NYSE:ZGN) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Monday.

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

Ermenegildo Zegna Stock Up 1.9%

Shares of ZGN opened at $14.22 on Monday. Ermenegildo Zegna has a one year low of $7.61 and a one year high of $15.44. The stock’s fifty day moving average is $13.74 and its 200-day moving average is $11.82. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.59 and a quick ratio of 0.91.

Insider Activity

In related news, CFO Gian Franco Santhia sold 5,768 shares of Ermenegildo Zegna stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $13.12, for a total value of $75,676.16. Following the transaction, the chief financial officer owned 44,448 shares of the company’s stock, valued at approximately $583,157.76. This trade represents a 11.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gianluca Ambrogio Tagliabue sold 19,105 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $13.12, for a total value of $250,657.60. Following the sale, the chief executive officer owned 167,720 shares in the company, valued at approximately $2,200,486.40. The trade was a 10.23% 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. Insiders sold a total of 31,378 shares of company stock valued at $411,679 over the last three months. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Ermenegildo Zegna

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