Walleye Capital LLC Has $6.94 Million Stake in Ermenegildo Zegna N.V. $ZGN

Key Points

• Walleye Capital LLC sharply increased its stake in Ermenegildo Zegna, boosting its holdings by 1,938.7% in the first quarter to 665,851 shares worth about $6.94 million.
• Several other institutional investors also added to or initiated positions in ZGN, and hedge funds and institutions now own about 12.91% of the stock.
• Analyst sentiment remains mixed but constructive: the stock has a Moderate Buy consensus, with TD Cowen and UBS maintaining bullish views while Goldman Sachs and others have recently turned more cautious.

Walleye Capital LLC raised its position in shares of Ermenegildo Zegna N.V. (NYSE:ZGN - Free Report) by 1,938.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 665,851 shares of the company's stock after acquiring an additional 633,191 shares during the period. Walleye Capital LLC owned approximately 0.16% of Ermenegildo Zegna worth $6,938,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ZGN. Matauro LLC bought a new position in Ermenegildo Zegna in the 4th quarter worth approximately $2,099,000. Osborne Partners Capital Management LLC boosted its position in shares of Ermenegildo Zegna by 34.8% in the first quarter. Osborne Partners Capital Management LLC now owns 942,458 shares of the company's stock valued at $9,820,000 after acquiring an additional 243,137 shares during the period. Spectrum Strategic Capital Management LLC boosted its position in shares of Ermenegildo Zegna by 903.3% in the fourth quarter. Spectrum Strategic Capital Management LLC now owns 111,572 shares of the company's stock valued at $1,144,000 after acquiring an additional 100,452 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. grew its stake in shares of Ermenegildo Zegna by 82.3% in the first quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. now owns 354,608 shares of the company's stock worth $3,695,000 after acquiring an additional 160,078 shares during the last quarter. Finally, RFG Advisory LLC acquired a new stake in shares of Ermenegildo Zegna in the fourth quarter worth $1,165,000. 12.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ZGN has been the subject of several research analyst reports. TD Cowen upgraded shares of Ermenegildo Zegna from a "hold" rating to a "buy" rating and upped their target price for the company from $13.00 to $15.00 in a research note on Wednesday, May 20th. UBS Group restated a "buy" rating and issued a $14.50 price target on shares of Ermenegildo Zegna in a research report on Friday, May 1st. Weiss Ratings restated a "hold (c)" rating on shares of Ermenegildo Zegna in a report on Friday, July 17th. Wall Street Zen lowered shares of Ermenegildo Zegna from a "buy" rating to a "hold" rating in a research report on Monday. Finally, The Goldman Sachs Group cut shares of Ermenegildo Zegna from a "buy" rating to a "neutral" rating and increased their target price for the company from $13.30 to $14.00 in a research note on Wednesday, June 17th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Ermenegildo Zegna has a consensus rating of "Moderate Buy" and an average target price of $13.01.

Insider Activity at Ermenegildo Zegna

In other news, CEO Gianluca Ambrogio Tagliabue sold 19,105 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $13.12, for a total value of $250,657.60. Following the completion of the transaction, the chief executive officer directly owned 167,720 shares of the company's stock, valued at approximately $2,200,486.40. This represents a 10.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alessandro Sartori sold 6,505 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $13.12, for a total value of $85,345.60. Following the transaction, the director owned 142,237 shares of the company's stock, valued at $1,866,149.44. This trade represents a 4.37% 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 a total of 31,378 shares of company stock valued at $411,679 over the last quarter. 1.20% of the stock is owned by company insiders.

Ermenegildo Zegna Stock Down 2.5%

Shares of ZGN stock opened at $13.85 on Thursday. Ermenegildo Zegna N.V. has a one year low of $7.61 and a one year high of $15.44. The stock has a fifty day moving average price of $13.76 and a 200 day moving average price of $11.84. The company has a quick ratio of 0.91, a current ratio of 1.59 and a debt-to-equity ratio of 0.15.

Ermenegildo Zegna Cuts Dividend

The firm also recently announced an annual dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Monday, July 6th will be given a dividend of $0.12 per share. This represents a dividend yield of 102.0%. The ex-dividend date is Monday, July 6th.

Ermenegildo Zegna 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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