Bank of America Lowers Ermenegildo Zegna (NYSE:ZGN) to Neutral

Ermenegildo Zegna (NYSE:ZGN) was downgraded by investment analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Monday, Briefing.com reports. They presently have a $9.80 target price on the stock, down from their previous target price of $13.00. Bank of America‘s price target suggests a potential upside of 15.70% from the stock’s previous close.

Ermenegildo Zegna Trading Down 2.9 %

NYSE:ZGN opened at $8.47 on Monday. The company has a quick ratio of 0.76, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average is $10.36 and its 200-day moving average is $11.85. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 13.23, a P/E/G ratio of 2.03 and a beta of 0.62. Ermenegildo Zegna has a 12 month low of $8.47 and a 12 month high of $15.26.

Hedge Funds Weigh In On Ermenegildo Zegna

Institutional investors have recently made changes to their positions in the business. Capital Research Global Investors acquired a new stake in Ermenegildo Zegna in the 1st quarter valued at approximately $54,202,000. Capital World Investors increased its position in Ermenegildo Zegna by 34.6% during the first quarter. Capital World Investors now owns 5,195,013 shares of the company’s stock worth $76,107,000 after acquiring an additional 1,335,945 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new position in Ermenegildo Zegna during the 4th quarter valued at $4,165,000. Liontrust Investment Partners LLP bought a new stake in Ermenegildo Zegna in the 2nd quarter valued at $2,960,000. Finally, Tabor Asset Management LP grew its position in Ermenegildo Zegna by 48.2% in the 4th quarter. Tabor Asset Management LP now owns 734,035 shares of the company’s stock worth $8,493,000 after purchasing an additional 238,614 shares during the last quarter. 12.91% of the stock is currently owned by institutional investors.

About Ermenegildo Zegna

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.