Ermenegildo Zegna (NYSE:ZGN) Receives “Neutral” Rating from Bank of America

Bank of America restated their neutral rating on shares of Ermenegildo Zegna (NYSE:ZGN) in a report issued on Friday morning, Marketbeat.com reports. They currently have a $11.20 price target on the stock, down from their prior price target of $11.50.

Other equities analysts have also issued research reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Ermenegildo Zegna in a report on Wednesday, October 8th. UBS Group lifted their target price on Ermenegildo Zegna from $9.50 to $10.00 and gave the stock a “neutral” rating in a report on Friday, October 24th. Sanford C. Bernstein assumed coverage on Ermenegildo Zegna in a research report on Tuesday, November 25th. They issued an “outperform” rating and a $13.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on Ermenegildo Zegna in a research report on Tuesday, October 14th. They set a “buy” rating and a $12.90 price objective for the company. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $11.37.

Ermenegildo Zegna Trading Down 13.2%

Shares of NYSE ZGN opened at $9.56 on Friday. The company has a 50 day simple moving average of $10.41 and a 200 day simple moving average of $9.55. The company has a current ratio of 1.42, a quick ratio of 0.79 and a debt-to-equity ratio of 0.18. Ermenegildo Zegna has a 1 year low of $6.05 and a 1 year high of $11.07.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ZGN. Millennium Management LLC grew its stake in Ermenegildo Zegna by 182.8% during the first 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 period. Goldman Sachs Group Inc. lifted its stake 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 period. Jane Street Group LLC bought a new position in shares of Ermenegildo Zegna during the 1st quarter worth approximately $1,161,000. Envestnet Asset Management Inc. grew its position in shares of Ermenegildo Zegna by 5.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 136,326 shares of the company’s stock worth $1,166,000 after buying an additional 6,698 shares during the period. Finally, Savant Capital LLC increased its stake in shares of Ermenegildo Zegna by 36.0% in the 2nd quarter. Savant Capital LLC now owns 14,957 shares of the company’s stock valued at $128,000 after acquiring an additional 3,961 shares in the last quarter. 12.91% of the stock is owned by institutional investors and hedge funds.

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.