Ermenegildo Zegna (NYSE:ZGN) Cut to Hold at 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.

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

Ermenegildo Zegna Trading Down 2.5%

NYSE ZGN opened at $13.85 on Monday. Ermenegildo Zegna has a 12 month low of $7.61 and a 12 month high of $15.44. The stock has a 50-day simple moving average of $13.76 and a 200 day simple moving average of $11.84. 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 Cuts Dividend

The firm also recently announced 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. This represents a yield of 102.0%. The ex-dividend date of this dividend is Monday, July 6th.

Insiders Place Their Bets

In other 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 value of $85,345.60. Following the completion of the transaction, the director owned 142,237 shares in the company, valued at $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 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 stock in a transaction on Friday, May 8th. The stock was sold at an average price of $13.12, for a total transaction of $75,676.16. Following the sale, 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. In the last three months, insiders have sold 31,378 shares of company stock worth $411,679. Company insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Ermenegildo Zegna

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ZGN. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Ermenegildo Zegna by 74.6% in the fourth 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 grew its holdings in shares of Ermenegildo Zegna by 73.7% during the fourth quarter. Millennium Management LLC now owns 1,188,887 shares of the company’s stock worth $12,186,000 after buying an additional 504,546 shares in the last quarter. Amundi bought a new position in shares of Ermenegildo Zegna during the first quarter worth about $10,686,000. Osborne Partners Capital Management LLC raised its position in Ermenegildo Zegna by 34.8% in the 1st quarter. Osborne Partners Capital Management LLC now owns 942,458 shares of the company’s stock valued at $9,820,000 after buying an additional 243,137 shares during the last quarter. Finally, State Street Corp raised its position in Ermenegildo Zegna by 3.2% in the 4th quarter. State Street Corp now owns 878,867 shares of the company’s stock valued at $9,014,000 after buying an additional 27,336 shares during the last quarter. 12.91% of the stock is 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.