Insider Selling: Ermenegildo Zegna (NYSE:ZGN) Director Sells 6,505 Shares of Stock

Key Points

• Director Alessandro Sartori sold 6,505 shares of Ermenegildo Zegna at an average price of $13.12, totaling about $85,346. The filing says the sale was made to cover tax withholding tied to vesting equity awards.
• The insider sale reduced Sartori’s stake by 4.37%, leaving him with 142,237 shares valued at about $1.87 million after the transaction.
• Zegna recently missed on earnings and revenue, reporting $0.15 EPS versus $0.26 expected and $577.83 million in revenue versus a $1.17 billion estimate. Analysts currently rate the stock a Moderate Buy with an average price target of $12.26.

Ermenegildo Zegna N.V. (NYSE:ZGN - Get Free Report) Director Alessandro Sartori sold 6,505 shares of the business's stock in a transaction dated 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 represents a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ermenegildo Zegna Price Performance

Shares of Ermenegildo Zegna stock traded down $0.67 during trading on Monday, hitting $12.49. 163,688 shares of the stock were exchanged, compared to its average volume of 751,829. The company has a fifty day moving average price of $11.00 and a 200-day moving average price of $10.56. Ermenegildo Zegna N.V. has a 1-year low of $7.61 and a 1-year high of $13.38. 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 (NYSE:ZGN - Get Free Report) last released its quarterly earnings data on Friday, March 20th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.11). The firm had revenue of $577.83 million for the quarter, compared to the consensus estimate of $1.17 billion. Analysts expect that Ermenegildo Zegna N.V. will post 0.46 earnings per share for the current year.

Ermenegildo Zegna Cuts Dividend

The firm 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. The ex-dividend date of this dividend is Monday, July 6th. This represents a yield of 99.0%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Ermenegildo Zegna in a report on Monday, April 20th. Morgan Stanley assumed coverage on shares of Ermenegildo Zegna in a report on Thursday, February 12th. They issued an "equal weight" rating and a $11.00 price objective for the company. UBS Group restated a "buy" rating and issued a $14.50 target price on shares of Ermenegildo Zegna in a research report on Friday, May 1st. Wall Street Zen raised shares of Ermenegildo Zegna from a "hold" rating to a "buy" rating in a report on Saturday. Finally, TD Cowen upped their price target on shares of Ermenegildo Zegna from $11.00 to $13.00 and gave the stock a "hold" rating in a report on Friday, May 1st. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $12.26.

Hedge Funds Weigh In On Ermenegildo Zegna

Several institutional investors and hedge funds have recently added to or reduced their stakes in ZGN. Temasek Holdings Private Ltd boosted its stake in shares of Ermenegildo Zegna by 114.5% in the 3rd quarter. Temasek Holdings Private Ltd now owns 27,242,276 shares of the company's stock valued at $257,440,000 after purchasing an additional 14,542,295 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Ermenegildo Zegna by 74.6% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,177,804 shares of the company's stock valued at $42,822,000 after purchasing an additional 1,785,266 shares during the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of Ermenegildo Zegna by 1.2% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,123,543 shares of the company's stock valued at $20,067,000 after purchasing an additional 24,894 shares during the last quarter. Portolan Capital Management LLC boosted its stake in shares of Ermenegildo Zegna by 15.6% in the 3rd quarter. Portolan Capital Management LLC now owns 1,369,176 shares of the company's stock valued at $12,939,000 after purchasing an additional 185,190 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in Ermenegildo Zegna by 73.7% during the fourth quarter. Millennium Management LLC now owns 1,188,887 shares of the company's stock worth $12,186,000 after acquiring an additional 504,546 shares in the last quarter. 12.91% of the stock is currently owned by institutional investors and hedge funds.

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.