Ermenegildo Zegna (NYSE:ZGN) Shares Up 6.6% – Here’s Why

Ermenegildo Zegna N.V. (NYSE:ZGN) shares rose 6.6% on Thursday . The stock traded as high as $14.32 and last traded at $14.33. 1,153,955 shares changed hands during mid-day trading, an increase of 24% from the average session volume of 927,290 shares. The stock had previously closed at $13.44.

Analyst Ratings Changes

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

Ermenegildo Zegna Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 1.59. The stock has a 50 day simple moving average of $13.63 and a 200 day simple moving average of $11.71.

Ermenegildo Zegna Cuts Dividend

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

Insider Activity at Ermenegildo Zegna

In other Ermenegildo Zegna news, CEO Gianluca Ambrogio Tagliabue sold 19,105 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $13.12, for a total value of $250,657.60. Following the transaction, the chief executive officer owned 167,720 shares in the company, valued at $2,200,486.40. The trade was a 10.23% decrease in their position. 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, Director Alessandro Sartori sold 6,505 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 $85,345.60. Following the sale, the director owned 142,237 shares of the company’s stock, valued at $1,866,149.44. This represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 31,378 shares of company stock valued at $411,679. Corporate insiders own 1.20% of the company’s stock.

Institutional Trading of Ermenegildo Zegna

A number of hedge funds and other institutional investors have recently made changes to their positions in ZGN. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Ermenegildo Zegna by 74.6% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,177,804 shares of the company’s stock valued at $42,822,000 after purchasing an additional 1,785,266 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Ermenegildo Zegna by 73.7% in the 4th quarter. Millennium Management LLC now owns 1,188,887 shares of the company’s stock worth $12,186,000 after purchasing an additional 504,546 shares during the last quarter. Amundi acquired a new position in Ermenegildo Zegna during the 1st quarter valued at approximately $10,686,000. Osborne Partners Capital Management LLC grew its stake in Ermenegildo Zegna by 34.8% during the 1st quarter. Osborne Partners Capital Management LLC now owns 942,458 shares of the company’s stock worth $9,820,000 after buying an additional 243,137 shares during the last quarter. Finally, State Street Corp grew its stake in Ermenegildo Zegna by 3.2% during the 4th quarter. State Street Corp now owns 878,867 shares of the company’s stock worth $9,014,000 after buying an additional 27,336 shares during the last quarter. 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.