TD Cowen Initiates Coverage on Ermenegildo Zegna (NYSE:ZGN)

Key Points

• TD Cowen initiated coverage of Ermenegildo Zegna with a “strong-buy” rating. The move adds to generally positive analyst sentiment, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $14.08.
• Recent analyst targets range from $13.00 to $16.00, while ZGN shares opened at $13.45 and have traded between $8.65 and $15.95 over the past year.
• Director Michele Norsa sold 8,000 shares for approximately $106,320, while institutional investors own 12.91% of the company and several funds recently increased their positions.

Research analysts at TD Cowen assumed coverage on shares of Ermenegildo Zegna (NYSE:ZGN - Get Free Report) in a report issued on Friday, Zacks reports. The brokerage set a "strong-buy" rating on the stock.

Several other analysts have also recently weighed in on the company. Wall Street Zen cut Ermenegildo Zegna from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Morgan Stanley set a $13.00 price objective on shares of Ermenegildo Zegna in a report on Monday, September 7th. HSBC started coverage on shares of Ermenegildo Zegna in a report on Tuesday, October 6th. They issued a "buy" rating and a $16.00 price objective for the company. Royal Bank Of Canada started coverage on shares of Ermenegildo Zegna in a report on Tuesday. They set an "outperform" rating and a $16.00 target price on the stock. Finally, UBS Group reduced their target price on shares of Ermenegildo Zegna from $15.50 to $15.40 and set a "buy" rating on the stock in a report on Monday, October 5th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Ermenegildo Zegna has an average rating of "Moderate Buy" and a consensus target price of $14.08.

Ermenegildo Zegna Stock Performance

Shares of ZGN opened at $13.45 on Friday. Ermenegildo Zegna has a 12-month low of $8.65 and a 12-month high of $15.95. The business has a 50-day simple moving average of $12.78 and a two-hundred day simple moving average of $12.39. The company has a quick ratio of 0.80, a current ratio of 1.47 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 Ermenegildo Zegna stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $13.29, for a total value of $106,320.00. Following the transaction, the director directly owned 158,348 shares of the company's stock, valued at $2,104,444.92. The trade was a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its position in Ermenegildo Zegna by 48.3% during the first 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 during the last quarter. GAMMA Investing LLC grew its holdings in Ermenegildo Zegna by 216.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,740 shares of the company's stock worth $47,000 after acquiring an additional 2,560 shares during the period. State of Wyoming bought a new position in shares of Ermenegildo Zegna in the 1st quarter worth about $150,000. Handelsbanken Fonder AB raised its position 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 acquiring an additional 6,800 shares in the last quarter. Finally, Central Pacific Bank Trust Division raised its position 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 acquiring an additional 9,492 shares in the last quarter. Institutional investors own 12.91% of the company's stock.

About Ermenegildo Zegna

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.

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