Ermenegildo Zegna (NYSE:ZGN) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Ermenegildo Zegna (NYSE:ZGN) from a hold rating to a buy rating in a research report report published on Tuesday morning.

Other equities research analysts also recently issued reports about the company. UBS Group reiterated a “buy” rating and issued a $14.50 price target on shares of Ermenegildo Zegna in a report on Friday, May 1st. The Goldman Sachs Group cut shares of Ermenegildo Zegna from a “buy” rating to a “neutral” rating and increased their target price for the stock from $13.30 to $14.00 in a report on Wednesday, June 17th. TD Cowen lifted their price target on shares of Ermenegildo Zegna from $15.00 to $17.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. increased their price objective on shares of Ermenegildo Zegna from $12.50 to $14.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ermenegildo Zegna in a research note on Friday, July 17th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Ermenegildo Zegna presently has a consensus rating of “Moderate Buy” and an average target price of $13.23.

Ermenegildo Zegna Price Performance

NYSE:ZGN opened at $14.94 on Tuesday. The company has a current ratio of 1.59, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. Ermenegildo Zegna has a one year low of $7.61 and a one year high of $15.44. The stock has a 50-day simple moving average of $13.91 and a 200 day simple moving average of $11.95.

Ermenegildo Zegna Cuts Dividend

The company also recently announced an annual dividend, which will be paid on Wednesday, July 29th. Investors of record on Monday, July 6th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, July 6th. This represents a yield of 102.0%.

Insiders Place Their Bets

In related news, CEO Gianluca Ambrogio Tagliabue sold 19,105 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $13.12, for a total transaction 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 $2,200,486.40. This trade represents a 10.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $13.12, for a total value of $75,676.16. Following the transaction, the chief financial officer directly owned 44,448 shares of the company’s stock, valued at $583,157.76. This represents 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. Insiders sold 31,378 shares of company stock worth $411,679 over the last ninety days. Company insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Ermenegildo Zegna

A number of institutional investors and hedge funds have recently bought and sold shares of ZGN. Handelsbanken Fonder AB boosted its position in shares of Ermenegildo Zegna by 21.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 37,800 shares of the company’s stock valued at $492,000 after purchasing an additional 6,800 shares in the last quarter. Central Pacific Bank Trust Division boosted its holdings in Ermenegildo Zegna by 28.1% during the second quarter. Central Pacific Bank Trust Division now owns 43,302 shares of the company’s stock worth $564,000 after buying an additional 9,492 shares in the last quarter. Bank of America Corp DE boosted its holdings in Ermenegildo Zegna by 483.2% during the first quarter. Bank of America Corp DE now owns 583,360 shares of the company’s stock worth $6,079,000 after buying an additional 483,332 shares in the last quarter. Amundi bought a new stake in Ermenegildo Zegna during the first quarter worth approximately $10,686,000. Finally, EverSource Wealth Advisors LLC grew its position in 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 buying an additional 908 shares during the last quarter. 12.91% of the stock is owned by institutional investors and hedge funds.

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.