Wellington Management Group LLP Buys New Position in Ermenegildo Zegna N.V. $ZGN

Key Points

• Wellington Management Group initiated a position in Ermenegildo Zegna, purchasing 145,159 shares valued at approximately $1.89 million during the second quarter.
• Institutional ownership stands at 12.91%, with several other investment firms also initiating or increasing positions in Zegna.
• Zegna shares opened at $11.62, below the consensus analyst target of $13.23. Analysts’ overall rating is “Hold,” reflecting five Buy, four Hold, and one Sell rating.

Wellington Management Group LLP bought a new position in shares of Ermenegildo Zegna N.V. (NYSE:ZGN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 145,159 shares of the company's stock, valued at approximately $1,890,000.

A number of other hedge funds have also added to or reduced their stakes in ZGN. EverSource Wealth Advisors LLC boosted its holdings in shares of Ermenegildo Zegna by 48.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,788 shares of the company's stock worth $29,000 after buying an additional 908 shares in the last quarter. California State Teachers Retirement System bought a new stake in shares of Ermenegildo Zegna in the 2nd quarter valued at $33,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Ermenegildo Zegna by 11,382.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,904 shares of the company's stock valued at $40,000 after acquiring an additional 3,870 shares during the period. Lazard Asset Management LLC bought a new position in Ermenegildo Zegna during the second quarter worth $54,000. Finally, Legal & General Group Plc bought a new position in Ermenegildo Zegna during the second quarter worth $59,000. 12.91% of the stock is currently owned by institutional investors.

Ermenegildo Zegna Stock Performance

Shares of Ermenegildo Zegna stock opened at $11.62 on Friday. The stock has a fifty day simple moving average of $13.76 and a 200 day simple moving average of $12.74. Ermenegildo Zegna N.V. has a 12-month low of $8.64 and a 12-month high of $15.95. The company has a current ratio of 1.47, a quick ratio of 0.80 and a debt-to-equity ratio of 0.12.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Weiss Ratings downgraded shares of Ermenegildo Zegna from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, September 3rd. The Goldman Sachs Group downgraded Ermenegildo Zegna from a "buy" rating to a "neutral" rating and raised their target price for the company from $13.30 to $14.00 in a research note on Wednesday, June 17th. Morgan Stanley set a $13.00 target price on Ermenegildo Zegna in a research report on Monday. JPMorgan Chase & Co. upped their price target on Ermenegildo Zegna from $12.50 to $14.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 30th. Finally, Wall Street Zen lowered Ermenegildo Zegna from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Five analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $13.23.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.