Ermenegildo Zegna (NYSE:ZGN) Reaches New 52-Week High Following Dividend Announcement

Key Points

• Shares hit a new 52-week high after the company announced a $0.12 dividend payable July 29 to shareholders of record July 6 (ex-dividend date July 6); the stock traded as high as $12.48 and last at $12.3450, with the report citing a 99.0% yield.
• Analysts' consensus is a Moderate Buy with a consensus target of $12.16, while individual ratings range from Hold to Buy and price targets span roughly $11.00 to $14.50.
• The company recently missed quarterly expectations, reporting $0.15 EPS versus $0.26 expected and revenue of $577.8M versus $1.17B, and institutional investors own about 12.9% of the stock.

Shares of Ermenegildo Zegna N.V. (NYSE:ZGN - Get Free Report) hit a new 52-week high during trading on Friday following a dividend announcement from the company. The stock traded as high as $12.48 and last traded at $12.3450, with a volume of 85399 shares changing hands. The stock had previously closed at $12.12.The newly announced dividend which will be paid on Wednesday, July 29th. Stockholders of record on Monday, July 6th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, July 6th. This represents a dividend yield of 99.0%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ZGN. Weiss Ratings reissued a "hold (c)" rating on shares of Ermenegildo Zegna in a research note on Monday, April 20th. Morgan Stanley began coverage on shares of Ermenegildo Zegna in a research note on Thursday, February 12th. They issued an "equal weight" rating and a $11.00 price target for the company. Wall Street Zen cut shares of Ermenegildo Zegna from a "buy" rating to a "hold" rating in a research note on Sunday, April 26th. Bank of America reissued a "neutral" rating and issued a $11.20 price target (down from $11.50) on shares of Ermenegildo Zegna in a research note on Friday, January 16th. Finally, UBS Group reaffirmed a "buy" rating and set a $14.50 price objective on shares of Ermenegildo Zegna in a research report on Friday. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.16.

Ermenegildo Zegna Price Performance

The company has a current ratio of 1.59, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. The stock's 50-day moving average is $10.91 and its two-hundred day moving average is $10.48.

Ermenegildo Zegna (NYSE:ZGN - Get Free Report) last posted its quarterly earnings data on Friday, March 20th. The company reported $0.15 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.11). The company had revenue of $577.83 million for the quarter, compared to analysts' expectations of $1.17 billion. As a group, equities analysts forecast that Ermenegildo Zegna N.V. will post 0.46 EPS for the current year.

Institutional Investors Weigh In On Ermenegildo Zegna

A number of hedge funds have recently added to or reduced their stakes in ZGN. CWM LLC acquired a new stake in Ermenegildo Zegna during the 3rd quarter worth approximately $25,000. California State Teachers Retirement System acquired a new stake in shares of Ermenegildo Zegna in the 2nd quarter valued at $33,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Ermenegildo Zegna by 11,382.4% in the 4th 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 in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Ermenegildo Zegna in the 2nd quarter valued at $54,000. Finally, Legal & General Group Plc acquired a new stake in shares of Ermenegildo Zegna in the 2nd quarter valued at $59,000. 12.91% of the stock is currently owned by institutional investors and hedge funds.

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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