Millennium Management LLC Buys 309,424 Shares of Ermenegildo Zegna (NYSE:ZGN)

Millennium Management LLC raised its stake in Ermenegildo Zegna (NYSE:ZGN - Free Report) by 319.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 406,375 shares of the company's stock after buying an additional 309,424 shares during the period. Millennium Management LLC owned about 0.10% of Ermenegildo Zegna worth $3,357,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in ZGN. Public Investment Fund raised its position in Ermenegildo Zegna by 57.3% in the 4th quarter. Public Investment Fund now owns 5,834,324 shares of the company's stock worth $48,192,000 after purchasing an additional 2,124,128 shares during the period. Alpine Investment Management Ltd purchased a new position in Ermenegildo Zegna in the 4th quarter worth $7,100,000. Invesco Ltd. raised its position in Ermenegildo Zegna by 10.0% in the 4th quarter. Invesco Ltd. now owns 6,386,184 shares of the company's stock worth $52,750,000 after purchasing an additional 581,696 shares during the period. Balyasny Asset Management L.P. purchased a new position in Ermenegildo Zegna in the 4th quarter worth $4,172,000. Finally, Portolan Capital Management LLC purchased a new position in Ermenegildo Zegna in the 4th quarter worth $3,351,000. Hedge funds and other institutional investors own 12.91% of the company's stock.

Analysts Set New Price Targets

Separately, TD Cowen initiated coverage on shares of Ermenegildo Zegna in a report on Tuesday, February 18th. They issued a "hold" rating and a $10.00 price target on the stock.

Ermenegildo Zegna Trading Up 1.1%

Ermenegildo Zegna stock traded up $0.09 during trading hours on Wednesday, reaching $8.59. The stock had a trading volume of 512,884 shares, compared to its average volume of 718,274. The stock has a market cap of $3.50 billion, a PE ratio of 16.21 and a beta of 0.72. Ermenegildo Zegna has a 52 week low of $6.05 and a 52 week high of $12.77. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.41 and a quick ratio of 0.79. The company has a fifty day simple moving average of $7.75 and a 200-day simple moving average of $8.09.

Ermenegildo Zegna Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, July 29th. Stockholders of record on Monday, July 7th will be paid a dividend of $0.1361 per share. This is a positive change from Ermenegildo Zegna's previous annual dividend of $0.12. The ex-dividend date is Monday, July 7th. This represents a dividend yield of 1.5%. Ermenegildo Zegna's payout ratio is presently 22.64%.

Ermenegildo Zegna Profile

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.