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

Wall Street Zen cut shares of Ermenegildo Zegna (NYSE:ZGN) from a buy rating to a hold rating in a report released on Monday morning.

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

Ermenegildo Zegna Price Performance

NYSE ZGN opened at $13.94 on Monday. The company has a quick ratio of 0.91, a current ratio of 1.59 and a debt-to-equity ratio of 0.15. Ermenegildo Zegna has a 1-year low of $7.61 and a 1-year high of $15.44. The business’s 50-day simple moving average is $13.70 and its 200-day simple moving average is $11.79.

Ermenegildo Zegna Cuts Dividend

The company also recently declared an annual dividend, which will be paid on Wednesday, July 29th. Investors of record on Monday, July 6th will be paid 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 other news, Director Alessandro Sartori sold 6,505 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 $85,345.60. Following the completion of the sale, the director directly owned 142,237 shares in the company, valued at $1,866,149.44. This trade represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 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 $250,657.60. Following the sale, the chief executive officer directly owned 167,720 shares in the company, valued at approximately $2,200,486.40. The trade was a 10.23% decrease in their ownership of the stock. 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. Insiders have sold 31,378 shares of company stock worth $411,679 in the last quarter. 1.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its holdings in Ermenegildo Zegna by 48.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,788 shares of the company’s stock worth $29,000 after purchasing an additional 908 shares during the last quarter. California State Teachers Retirement System purchased a new position in shares of Ermenegildo Zegna during the 2nd quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Ermenegildo Zegna by 11,382.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,904 shares of the company’s stock valued at $40,000 after buying an additional 3,870 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of Ermenegildo Zegna during the 2nd quarter valued at approximately $54,000. Finally, Legal & General Group Plc acquired a new stake in shares of Ermenegildo Zegna during the second quarter worth approximately $59,000. Hedge funds and other institutional investors 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.