Balyasny Asset Management L.P. Takes Position in Ermenegildo Zegna (NYSE:ZGN)

Balyasny Asset Management L.P. acquired a new position in shares of Ermenegildo Zegna (NYSE:ZGN - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 505,032 shares of the company's stock, valued at approximately $4,172,000. Balyasny Asset Management L.P. owned about 0.12% of Ermenegildo Zegna at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. BNP Paribas Financial Markets purchased a new position in shares of Ermenegildo Zegna in the 4th quarter worth about $764,000. Aquatic Capital Management LLC purchased a new position in shares of Ermenegildo Zegna in the 4th quarter worth about $144,000. Nebula Research & Development LLC bought a new stake in Ermenegildo Zegna in the 4th quarter valued at about $450,000. Public Investment Fund lifted its holdings in Ermenegildo Zegna by 57.3% during the fourth quarter. Public Investment Fund now owns 5,834,324 shares of the company's stock valued at $48,192,000 after purchasing an additional 2,124,128 shares during the last quarter. Finally, Mirabella Financial Services LLP bought a new position in Ermenegildo Zegna during the fourth quarter worth about $87,000. 12.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ZGN has been the subject of several recent research reports. TD Cowen initiated coverage on shares of Ermenegildo Zegna in a research note on Tuesday, February 18th. They issued a "hold" rating and a $10.00 target price for the company. Bank of America upgraded shares of Ermenegildo Zegna from a "neutral" rating to a "buy" rating and reduced their target price for the stock from $9.40 to $8.90 in a research note on Thursday, January 16th.

Ermenegildo Zegna Price Performance

Shares of ZGN traded down $0.17 during midday trading on Wednesday, hitting $8.58. 1,149,527 shares of the company traded hands, compared to its average volume of 690,738. The stock has a 50-day moving average of $7.38 and a 200-day moving average of $7.98. Ermenegildo Zegna has a one year low of $6.05 and a one year high of $13.36. The firm has a market cap of $3.50 billion, a P/E ratio of 16.19 and a beta of 0.72. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.41 and a quick ratio of 0.79.

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.