Ermenegildo Zegna (NYSE:ZGN) Stock Rating Upgraded by Wall Street Zen

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

Several other brokerages also recently weighed in on ZGN. TD Cowen upped their target price on shares of Ermenegildo Zegna from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. UBS Group reissued a “buy” rating and issued a $14.50 price target on shares of Ermenegildo Zegna in a research report on Friday, May 1st. The Goldman Sachs Group downgraded shares of Ermenegildo Zegna from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $13.30 to $14.00 in a research note on Wednesday, June 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ermenegildo Zegna in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. upped their price objective on Ermenegildo Zegna from $12.50 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.23.

Ermenegildo Zegna Trading Down 0.3%

Shares of ZGN opened at $14.93 on Tuesday. Ermenegildo Zegna has a 1 year low of $7.61 and a 1 year high of $15.44. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.59 and a quick ratio of 0.91. The company’s 50-day simple moving average is $13.94 and its 200-day simple moving average is $11.98.

Insider Buying and Selling

In related news, Director Alessandro Sartori sold 6,505 shares of the company’s stock in a transaction that occurred 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 that occurred on Friday, May 8th. The shares were sold at an average price of $13.12, for a total transaction of $75,676.16. Following the completion of the sale, the chief financial officer directly owned 44,448 shares in the company, valued at approximately $583,157.76. This trade represents a 11.49% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 31,378 shares of company stock worth $411,679. Company insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Ermenegildo Zegna

A number of hedge funds and other institutional investors have recently modified their holdings of ZGN. Millennium Management LLC lifted its position in shares of Ermenegildo Zegna by 182.8% during 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 last quarter. Goldman Sachs Group Inc. increased 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 buying an additional 24,862 shares during the last quarter. Jane Street Group LLC purchased a new position in Ermenegildo Zegna in the first quarter valued at $1,161,000. Geode Capital Management LLC purchased a new position in Ermenegildo Zegna in the second quarter valued at $6,245,000. Finally, JPMorgan Chase & Co. raised its stake in Ermenegildo Zegna by 59,691.8% in the second quarter. JPMorgan Chase & Co. now owns 29,298 shares of the company’s stock valued at $250,000 after buying an additional 29,249 shares in the last quarter. 12.91% of the stock is currently owned by institutional investors and hedge funds.

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.