Ermenegildo Zegna (NYSE:ZGN) Stock Picked Up by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank of Canada initiated coverage of Ermenegildo Zegna with a “moderate buy” rating and a $16.00 price target, implying 19.55% upside from the prior close.
• Analyst sentiment is broadly positive but mixed: MarketBeat reports a consensus “Moderate Buy” rating and an average target price of $14.08, with ratings ranging from Strong Buy to Sell.
• ZGN shares opened at $13.38, while hedge funds and other institutional investors own 12.91% of the stock; recent investors included Wellington Management and Engineers Gate.

Investment analysts at Royal Bank Of Canada initiated coverage on shares of Ermenegildo Zegna (NYSE:ZGN - Get Free Report) in a note issued to investors on Tuesday, Marketbeat.com reports. The brokerage set a "moderate buy" rating and a $16.00 price target on the stock. Royal Bank Of Canada's price objective would suggest a potential upside of 19.55% from the stock's previous close.

A number of other research firms have also weighed in on ZGN. BNP Paribas Exane lowered shares of Ermenegildo Zegna from a "neutral" rating to an "underperform" rating and set a $12.20 target price for the company. in a report on Tuesday, August 11th. Morgan Stanley set a $13.00 price objective on Ermenegildo Zegna in a research report on Monday, September 7th. Wall Street Zen downgraded Ermenegildo Zegna from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. HSBC started coverage on Ermenegildo Zegna in a research note on Tuesday, October 6th. They issued a "buy" rating and a $16.00 price objective for the company. Finally, The Goldman Sachs Group reiterated a "neutral" rating on shares of Ermenegildo Zegna in a report on Sunday, October 4th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Ermenegildo Zegna presently has a consensus rating of "Moderate Buy" and an average target price of $14.08.

Ermenegildo Zegna Stock Down 0.2%

Shares of ZGN stock opened at $13.38 on Tuesday. Ermenegildo Zegna has a 12-month low of $8.65 and a 12-month high of $15.95. The stock's 50-day moving average price is $12.79 and its 200-day moving average price is $12.35.

Institutional Trading of Ermenegildo Zegna

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Ermenegildo Zegna by 216.9% in the third quarter. GAMMA Investing LLC now owns 3,740 shares of the company's stock worth $47,000 after purchasing an additional 2,560 shares during the last quarter. Engineers Gate Manager LP purchased a new position in shares of Ermenegildo Zegna during the second quarter valued at approximately $601,000. Wellington Management Group LLP purchased a new stake in shares of Ermenegildo Zegna in the second quarter worth approximately $1,890,000. Handelsbanken Fonder AB lifted its stake in shares of Ermenegildo Zegna by 21.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 37,800 shares of the company's stock worth $492,000 after acquiring an additional 6,800 shares during the last quarter. Finally, Central Pacific Bank Trust Division boosted its holdings in Ermenegildo Zegna by 28.1% during the 2nd 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 during the period. 12.91% of the stock is owned by hedge funds and other institutional investors.

Ermenegildo Zegna Company Profile

Ermenegildo Zegna N.V. is a global luxury-goods group specializing in menswear, accessories and related lifestyle products. Its portfolio includes the Zegna brand, known for tailored clothing, ready-to-wear apparel, footwear, leather goods and fabrics, as well as Thom Browne, a luxury fashion brand offering menswear, womenswear, accessories and footwear.

The company also operates the TOM FORD FASHION business, which includes luxury apparel, accessories and footwear under the TOM FORD brand.