Ermenegildo Zegna (NYSE:ZGN) Stock Price Down 0.8%

Ermenegildo Zegna (NYSE:ZGN) dropped 0.8% during mid-day trading on Wednesday . The company traded as low as $12.47 and last traded at $12.71. Approximately 514,872 shares changed hands during trading, a decline of 25% from the average daily volume of 690,686 shares. The stock had previously closed at $12.81.

Analyst Ratings Changes

Separately, The Goldman Sachs Group raised Ermenegildo Zegna from a “neutral” rating to a “buy” rating and increased their price target for the stock from $17.00 to $18.70 in a research report on Thursday, January 11th.

Ermenegildo Zegna Stock Down 0.8 %

The firm’s 50 day moving average is $13.35 and its 200-day moving average is $12.32. The company has a quick ratio of 0.76, a current ratio of 1.27 and a debt-to-equity ratio of 0.13.

Institutional Investors Weigh In On Ermenegildo Zegna

Several hedge funds have recently modified their holdings of ZGN. Artisan Partners Limited Partnership increased its stake in shares of Ermenegildo Zegna by 52.0% in the 3rd quarter. Artisan Partners Limited Partnership now owns 3,935,129 shares of the company’s stock valued at $54,777,000 after purchasing an additional 1,345,500 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Ermenegildo Zegna in the fourth quarter valued at approximately $4,165,000. Tabor Asset Management LP raised its stake in shares of Ermenegildo Zegna by 48.2% during the 4th quarter. Tabor Asset Management LP now owns 734,035 shares of the company’s stock worth $8,493,000 after buying an additional 238,614 shares during the period. Public Investment Fund lifted its position in shares of Ermenegildo Zegna by 3.1% during the 4th quarter. Public Investment Fund now owns 2,228,738 shares of the company’s stock valued at $25,786,000 after buying an additional 66,371 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Ermenegildo Zegna by 0.8% in the 3rd quarter. Invesco Ltd. now owns 7,818,211 shares of the company’s stock valued at $108,829,000 after acquiring an additional 61,603 shares during the period. 12.91% of the stock is owned by hedge funds and other institutional investors.

About Ermenegildo Zegna

Ermenegildo Zegna N.V., together with its subsidiaries, designs, manufactures, markets, and distributes luxury menswear, footwear, leather goods, and other accessories under the Zegna and the Thom Browne brands. It provides luxury leisurewear for men; formal suits, tuxedos, shirts, blazers, formal overcoats, and accessories; leather accessories comprising shoes, bags, belts, and small leather accessories; and fragrances.