Ermenegildo Zegna (NYSE:ZGN) Shares Gap Up – Still a Buy?

Ermenegildo Zegna N.V. (NYSE:ZGN) shares gapped up before the market opened on Tuesday . The stock had previously closed at $13.48, but opened at $14.00. Ermenegildo Zegna shares last traded at $13.52, with a volume of 409,934 shares changing hands.

Analyst Ratings Changes

ZGN has been the topic of a number of recent research reports. The Goldman Sachs Group lowered Ermenegildo Zegna from a “buy” rating to a “neutral” rating and boosted their target price for the company from $13.30 to $14.00 in a report on Wednesday, June 17th. JPMorgan Chase & Co. increased their price target on Ermenegildo Zegna from $12.50 to $14.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ermenegildo Zegna in a research report on Monday, April 20th. UBS Group reissued a “buy” rating and issued a $14.50 price objective on shares of Ermenegildo Zegna in a research note on Friday, May 1st. Finally, Wall Street Zen downgraded shares of Ermenegildo Zegna from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.01.

Ermenegildo Zegna Stock Down 2.0%

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 business has a 50 day moving average price of $13.51 and a 200-day moving average price of $11.61.

Ermenegildo Zegna Cuts Dividend

The firm also recently disclosed an annual dividend, which will be paid on Wednesday, July 29th. Shareholders of record on Monday, July 6th will be given a $0.12 dividend. The ex-dividend date is Monday, July 6th. This represents a yield of 102.0%.

Insider Buying and Selling at Ermenegildo Zegna

In other Ermenegildo Zegna news, CEO Gianluca Ambrogio Tagliabue sold 19,105 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $13.12, for a total value of $250,657.60. Following the completion of the sale, the chief executive officer owned 167,720 shares of the company’s stock, valued at approximately $2,200,486.40. This trade represents a 10.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 dated Friday, May 8th. The shares were sold at an average price of $13.12, for a total transaction of $75,676.16. Following the completion of the transaction, the chief financial officer 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. Over the last quarter, insiders sold 31,378 shares of company stock valued at $411,679. 1.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ZGN. Millennium Management LLC increased its stake in Ermenegildo Zegna by 182.8% in the 1st quarter. Millennium Management LLC now owns 1,149,055 shares of the company’s stock valued at $8,503,000 after purchasing an additional 742,680 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of 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 in the last quarter. Jane Street Group LLC purchased a new position in shares of Ermenegildo Zegna in the first quarter valued at $1,161,000. Geode Capital Management LLC acquired a new position in shares of Ermenegildo Zegna during the 2nd quarter worth $6,245,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Ermenegildo Zegna by 59,691.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 29,298 shares of the company’s stock worth $250,000 after buying an additional 29,249 shares in the last quarter. 12.91% of the stock is owned by hedge funds and other institutional investors.

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.