Ermenegildo Zegna (NYSE:ZGN) Shares Down 3.3% – Here’s What Happened

Shares of Ermenegildo Zegna N.V. (NYSE:ZGN) dropped 3.3% on Friday. The company traded as low as $12.90 and last traded at $12.9090. Approximately 1,111,391 shares traded hands during trading, an increase of 13% from the average session volume of 985,841 shares. The stock had previously closed at $13.35.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ZGN shares. TD Cowen dropped their target price on Ermenegildo Zegna from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, September 4th. HSBC assumed coverage on Ermenegildo Zegna in a research note on Tuesday, October 6th. They issued a “buy” rating and a $16.00 target price on the stock. Weiss Ratings downgraded Ermenegildo Zegna from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, September 3rd. Morgan Stanley set a $13.00 price target on Ermenegildo Zegna in a research report on Monday, September 7th. Finally, Wall Street Zen lowered Ermenegildo Zegna from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.76.

Ermenegildo Zegna Stock Performance

The firm’s 50 day moving average price is $12.87 and its 200-day moving average price is $13.09. The company has a quick ratio of 0.80, a current ratio of 1.47 and a debt-to-equity ratio of 0.12.

Hedge Funds Weigh In On Ermenegildo Zegna

Hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its position in Ermenegildo Zegna by 48.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,788 shares of the company’s stock valued at $29,000 after acquiring an additional 908 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Ermenegildo Zegna by 216.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,740 shares of the company’s stock worth $47,000 after purchasing an additional 2,560 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Ermenegildo Zegna by 21.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 37,800 shares of the company’s stock worth $492,000 after purchasing an additional 6,800 shares in the last quarter. Central Pacific Bank Trust Division increased its holdings in shares of Ermenegildo Zegna by 28.1% in the 2nd quarter. Central Pacific Bank Trust Division now owns 43,302 shares of the company’s stock worth $564,000 after purchasing an additional 9,492 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of Ermenegildo Zegna in the first quarter worth $150,000. 12.91% of the stock is currently owned by hedge funds and other institutional investors.

About Ermenegildo Zegna

Ermenegildo Zegna Group is an Italy-based luxury goods company specializing in high-end menswear, tailoring, fabrics and accessories. Its product range includes suits, ready-to-wear clothing, footwear, leather goods and other lifestyle products, with a heritage rooted in the production of fine wool and luxury textiles.

The company was founded in 1910 by Ermenegildo Zegna in Trivero, Italy. It has developed from a textile manufacturer into a global luxury group with directly operated stores, wholesale distribution and digital commerce serving customers across Europe, North America, Asia and other international markets.

The group’s portfolio includes the ZEGNA brand, known for contemporary luxury menswear and made-to-measure services, as well as Thom Browne, a luxury fashion brand recognized for its distinctive American-inspired designs.