Fideuram Intesa Sanpaolo Private Banking S.P.A. Buys 160,078 Shares of Ermenegildo Zegna N.V. $ZGN

Key Points

• Fideuram Intesa Sanpaolo Private Banking boosted its stake in Ermenegildo Zegna by 82.3% in the first quarter, buying 160,078 shares and bringing its total holding to 354,608 shares worth about $3.7 million.
• Several other institutional investors also increased or initiated positions, and overall institutional ownership now stands at 12.91% of the company.
• Insiders sold shares in recent months, while analysts remain mixed: the stock has a Moderate Buy consensus with an average price target of $13.01, and JPMorgan recently raised its target to $14.00 with an overweight rating.

Fideuram Intesa Sanpaolo Private Banking S.P.A. lifted its position in Ermenegildo Zegna N.V. (NYSE:ZGN - Free Report) by 82.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 354,608 shares of the company's stock after buying an additional 160,078 shares during the quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. owned about 0.08% of Ermenegildo Zegna worth $3,695,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC raised its position in Ermenegildo Zegna by 182.8% during the first quarter. Millennium Management LLC now owns 1,149,055 shares of the company's stock worth $8,503,000 after acquiring an additional 742,680 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Ermenegildo Zegna by 22.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 134,503 shares of the company's stock worth $995,000 after purchasing an additional 24,862 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Ermenegildo Zegna during the 1st quarter worth about $1,161,000. Geode Capital Management LLC bought a new stake in shares of Ermenegildo Zegna in the 2nd quarter valued at about $6,245,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Ermenegildo Zegna by 59,691.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 29,298 shares of the company's stock valued at $250,000 after purchasing an additional 29,249 shares during the period. 12.91% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Ermenegildo Zegna news, Director Alessandro Sartori sold 6,505 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $13.12, for a total transaction of $85,345.60. Following the transaction, the director owned 142,237 shares in the company, valued at $1,866,149.44. This trade represents a 4.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gian Franco Santhia sold 5,768 shares of the business's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $13.12, for a total transaction of $75,676.16. Following the completion of the sale, the chief financial officer directly owned 44,448 shares of the company's stock, valued at approximately $583,157.76. The trade was a 11.49% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 31,378 shares of company stock worth $411,679 in the last 90 days. Company insiders own 1.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ZGN shares. JPMorgan Chase & Co. lifted their price target on Ermenegildo Zegna from $12.50 to $14.00 and gave the stock an "overweight" rating in a report on Tuesday. Wall Street Zen lowered Ermenegildo Zegna from a "buy" rating to a "hold" rating in a research note on Sunday, June 21st. The Goldman Sachs Group cut Ermenegildo Zegna from a "buy" rating to a "neutral" rating and raised their price objective for the company from $13.30 to $14.00 in a research report on Wednesday, June 17th. Weiss Ratings reiterated a "hold (c)" rating on shares of Ermenegildo Zegna in a research note on Monday, April 20th. Finally, UBS Group restated a "buy" rating and issued a $14.50 price target on shares of Ermenegildo Zegna in a research note on Friday, May 1st. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $13.01.

Ermenegildo Zegna Trading Up 0.1%

Shares of NYSE ZGN opened at $13.19 on Friday. The business's 50 day moving average is $13.42 and its 200-day moving average is $11.54. The company has a current ratio of 1.59, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. Ermenegildo Zegna N.V. has a 1-year low of $7.61 and a 1-year high of $15.44.

Ermenegildo Zegna Cuts Dividend

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

Ermenegildo Zegna Company Profile

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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