Ermenegildo Zegna (NYSE:ZGN) CEO Sells $250,657.60 in Stock

Key Points

• CEO Gianluca Ambrogio Tagliabue sold 19,105 shares of Ermenegildo Zegna for about $250,657.60 at an average price of $13.12. The filing says the sale was made to cover tax withholding obligations tied to vesting equity awards.
• After the transaction, the CEO still owned 167,720 shares valued at about $2.2 million, a 10.23% reduction in his stake.
• The company recently reported mixed quarterly results, with EPS of $0.15 missing estimates and revenue of $577.83 million falling well short of expectations. Analysts currently have a Moderate Buy consensus and an average price target of $12.26.

Ermenegildo Zegna N.V. (NYSE:ZGN - Get Free Report) CEO Gianluca Ambrogio Tagliabue sold 19,105 shares of the firm's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $13.12, for a total value of $250,657.60. Following the transaction, the chief executive officer owned 167,720 shares of the company's stock, valued at $2,200,486.40. This trade represents a 10.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ermenegildo Zegna Price Performance

Ermenegildo Zegna stock traded down $0.67 during midday trading on Monday, reaching $12.49. 163,688 shares of the stock traded hands, compared to its average volume of 751,829. The company has a 50-day simple moving average of $11.00 and a two-hundred day simple moving average of $10.56. Ermenegildo Zegna N.V. has a 12-month low of $7.61 and a 12-month high of $13.38. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 1.59.

Ermenegildo Zegna (NYSE:ZGN - Get Free Report) last announced its quarterly earnings data on Friday, March 20th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.11). The firm had revenue of $577.83 million during the quarter, compared to analyst estimates of $1.17 billion. Analysts expect that Ermenegildo Zegna N.V. will post 0.46 earnings per share for the current year.

Ermenegildo Zegna Cuts Dividend

The business also recently disclosed an annual dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Monday, July 6th will be paid a $0.12 dividend. This represents a dividend yield of 99.0%. The ex-dividend date is Monday, July 6th.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ZGN shares. Wall Street Zen upgraded Ermenegildo Zegna from a "hold" rating to a "buy" rating in a research note on Saturday. UBS Group reiterated a "buy" rating and issued a $14.50 price objective on shares of Ermenegildo Zegna in a research note on Friday, May 1st. Morgan Stanley began coverage on Ermenegildo Zegna in a research report on Thursday, February 12th. They set an "equal weight" rating and a $11.00 target price on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Ermenegildo Zegna in a research report on Monday, April 20th. Finally, TD Cowen raised their target price on Ermenegildo Zegna from $11.00 to $13.00 and gave the stock a "hold" rating in a research report on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Ermenegildo Zegna has an average rating of "Moderate Buy" and an average target price of $12.26.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. CWM LLC acquired a new position in Ermenegildo Zegna in the third quarter valued at $25,000. California State Teachers Retirement System acquired a new position in shares of Ermenegildo Zegna in the second quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Ermenegildo Zegna by 11,382.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,904 shares of the company's stock valued at $40,000 after purchasing an additional 3,870 shares during the period. Lazard Asset Management LLC acquired a new position in shares of Ermenegildo Zegna in the second quarter valued at approximately $54,000. Finally, Legal & General Group Plc acquired a new position in shares of Ermenegildo Zegna in the second quarter valued at approximately $59,000. Institutional investors and hedge funds own 12.91% of the company's stock.

About Ermenegildo Zegna

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.

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