Ermenegildo Zegna (NYSE:ZGN) Shares Down 4.3% – Here’s What Happened

Ermenegildo Zegna N.V. (NYSE:ZGN)’s share price dropped 4.3% during mid-day trading on Wednesday . The company traded as low as $11.36 and last traded at $11.33. Approximately 358,285 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 759,159 shares. The stock had previously closed at $11.84.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ZGN shares. Sanford C. Bernstein assumed coverage on Ermenegildo Zegna in a research note on Tuesday, November 25th. They issued an “outperform” rating and a $13.00 price target for the company. Bank of America reaffirmed a “neutral” rating and set a $11.20 target price (down previously from $11.50) on shares of Ermenegildo Zegna in a report on Friday, January 16th. Morgan Stanley started coverage on Ermenegildo Zegna in a research report on Thursday, February 12th. They issued an “equal weight” rating and a $11.00 target price for the company. UBS Group raised Ermenegildo Zegna from a “neutral” rating to a “buy” rating and set a $11.50 price target on the stock in a research report on Thursday, February 5th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ermenegildo Zegna in a research note on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $11.73.

Ermenegildo Zegna Stock Down 4.7%

The stock has a 50-day moving average of $10.26 and a 200-day moving average of $9.73. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.79 and a current ratio of 1.42.

Institutional Trading of Ermenegildo Zegna

A number of large investors have recently modified their holdings of ZGN. CWM LLC acquired a new position in Ermenegildo Zegna during the 3rd quarter valued at about $25,000. California State Teachers Retirement System acquired a new position in shares of Ermenegildo Zegna during the second quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Ermenegildo Zegna by 11,382.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,904 shares of the company’s stock worth $40,000 after buying an additional 3,870 shares during the period. Ameritas Investment Partners Inc. bought a new position in Ermenegildo Zegna in the 2nd quarter worth approximately $54,000. Finally, Lazard Asset Management LLC acquired a new stake in Ermenegildo Zegna in the 2nd quarter valued at approximately $54,000. Institutional investors and hedge funds own 12.91% of the company’s stock.

Ermenegildo Zegna Company Profile

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.