Ermenegildo Zegna (NYSE:ZGN) Given New $17.00 Price Target at TD Cowen

Key Points

• TD Cowen raised its price target on Ermenegildo Zegna to $17 from $16 and maintained a Buy rating, implying 20.65% upside from the prior close.
• Analyst views are mixed: MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $14.18, including ratings ranging from Strong Buy to Sell.
• Director Michele Norsa sold 8,000 shares for about $106,320, reducing his stake by 4.81%; insiders collectively own 1.20% of the company.

Ermenegildo Zegna (NYSE:ZGN - Get Free Report) had its price objective upped by research analysts at TD Cowen from $16.00 to $17.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. TD Cowen's price target would indicate a potential upside of 20.65% from the company's previous close.

A number of other research firms have also commented on ZGN. BNP Paribas Exane lowered shares of Ermenegildo Zegna from a "neutral" rating to an "underperform" rating and set a $12.20 price objective on the stock. in a research note on Tuesday, August 11th. Royal Bank Of Canada assumed coverage on Ermenegildo Zegna in a report on Tuesday, October 27th. They set an "outperform" rating and a $16.00 price target on the stock. Weiss Ratings cut Ermenegildo Zegna from a "hold (c+)" rating to a "hold (c)" rating in a research 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 downgraded Ermenegildo Zegna from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $14.18.

Ermenegildo Zegna Price Performance

NYSE:ZGN traded down $0.19 during midday trading on Wednesday, reaching $14.09. The company had a trading volume of 155,458 shares, compared to its average volume of 1,001,726. Ermenegildo Zegna has a 12-month low of $8.65 and a 12-month high of $15.95. The stock's fifty day simple moving average is $12.84 and its 200-day simple moving average is $12.52. The company has a current ratio of 1.47, a quick ratio of 0.80 and a debt-to-equity ratio of 0.12.

Insider Activity at Ermenegildo Zegna

In related news, Director Michele Norsa sold 8,000 shares of the stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $13.29, for a total value of $106,320.00. Following the completion of the transaction, the director owned 158,348 shares of the company's stock, valued at approximately $2,104,444.92. This represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.20% of the company's stock.

Hedge Funds Weigh In On Ermenegildo Zegna

A number of institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its position in shares of Ermenegildo Zegna by 48.3% during the first quarter. EverSource Wealth Advisors LLC now owns 2,788 shares of the company's stock worth $29,000 after buying an additional 908 shares in the last quarter. GAMMA Investing LLC raised its holdings in Ermenegildo Zegna by 216.9% in the third quarter. GAMMA Investing LLC now owns 3,740 shares of the company's stock valued at $47,000 after acquiring an additional 2,560 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in Ermenegildo Zegna by 21.9% in the second quarter. Handelsbanken Fonder AB now owns 37,800 shares of the company's stock valued at $492,000 after acquiring an additional 6,800 shares in the last quarter. Central Pacific Bank Trust Division raised its holdings in Ermenegildo Zegna by 28.1% in the second quarter. Central Pacific Bank Trust Division now owns 43,302 shares of the company's stock valued at $564,000 after acquiring an additional 9,492 shares in the last quarter. Finally, State of Wyoming bought a new position in Ermenegildo Zegna during the 1st quarter valued at $150,000. 12.91% of the stock is owned by institutional investors and hedge funds.

Ermenegildo Zegna Company Profile

Ermenegildo Zegna Group is an Italian luxury company focused on menswear, apparel, accessories and related products. Its portfolio includes the Zegna and Thom Browne brands, as well as Tom Ford Fashion, which it operates under a long-term agreement with Estée Lauder Companies. Founded in 1910 by Ermenegildo Zegna in Trivero, Italy, the company began as a textile manufacturer and developed into a global luxury business. Its activities include designing, producing and selling clothing and accessories through retail stores, e-commerce and wholesale channels.

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