Ermenegildo Zegna (NYSE:ZGN) Reaches New 1-Year High - Here's What Happened

Key Points

• Ermenegildo Zegna's stock reached a new 52-week high of $9.86 during trading on Thursday, with a closing price of $9.79 and a trading volume of 91,198 shares.
• Bank of America has upgraded its target price for Zegna from $9.50 to $10.00, while other firms like JPMorgan have set a price objective of $11.00, indicating positive sentiment among analysts.
• Institutional investors have shown increased interest, with Temasek Holdings acquiring a new position valued at $108.6 million and Millennium Management boosting its stake by 182.8%.

Ermenegildo Zegna N.V. (NYSE:ZGN - Get Free Report) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $9.86 and last traded at $9.79, with a volume of 91198 shares. The stock had previously closed at $9.63.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ZGN. Bank of America increased their target price on Ermenegildo Zegna from $9.50 to $10.00 and gave the company a "buy" rating in a report on Tuesday, September 23rd. Oddo Bhf set a $11.50 target price on shares of Ermenegildo Zegna in a report on Wednesday, September 17th. UBS Group upgraded shares of Ermenegildo Zegna to a "hold" rating in a research note on Monday, September 8th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Ermenegildo Zegna in a research report on Monday, September 15th. They set an "overweight" rating and a $11.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $9.94.

Ermenegildo Zegna Trading Up 1.4%

The stock has a fifty day simple moving average of $8.61 and a 200 day simple moving average of $8.29. The firm has a market capitalization of $3.98 billion, a P/E ratio of 18.41, a PEG ratio of 2.18 and a beta of 0.73. The company has a quick ratio of 0.79, a current ratio of 1.42 and a debt-to-equity ratio of 0.18.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Temasek Holdings Private Ltd purchased a new position in shares of Ermenegildo Zegna in the 2nd quarter valued at $108,585,000. Millennium Management LLC increased its position in Ermenegildo Zegna by 182.8% during the 1st quarter. Millennium Management LLC now owns 1,149,055 shares of the company's stock valued at $8,503,000 after buying an additional 742,680 shares in the last quarter. Ceredex Value Advisors LLC purchased a new stake in Ermenegildo Zegna in the first quarter valued at about $7,057,000. Geode Capital Management LLC acquired a new stake in Ermenegildo Zegna in the second quarter worth about $6,245,000. Finally, Osborne Partners Capital Management LLC purchased a new stake in shares of Ermenegildo Zegna during the first quarter worth about $4,984,000. 12.91% of the stock is currently owned by institutional investors.

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.

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