Ermenegildo Zegna (NYSE:ZGN) Now Covered by Morgan Stanley

Morgan Stanley began coverage on shares of Ermenegildo Zegna (NYSE:ZGN) in a research report report published on Friday, MarketBeat reports. The brokerage issued an underweight rating and a $7.20 price objective on the stock.

Separately, Bank of America lowered shares of Ermenegildo Zegna from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $13.00 to $9.80 in a research report on Monday, September 23rd.

Ermenegildo Zegna Stock Up 3.5 %

NYSE:ZGN opened at $7.97 on Friday. Ermenegildo Zegna has a 1-year low of $7.13 and a 1-year high of $15.26. 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 business’s fifty day moving average price is $8.22 and its 200 day moving average price is $10.20.

Institutional Investors Weigh In On Ermenegildo Zegna

A number of hedge funds and other institutional investors have recently made changes to their positions in ZGN. Capital World Investors increased its stake in shares of Ermenegildo Zegna by 34.6% during the 1st quarter. Capital World Investors now owns 5,195,013 shares of the company’s stock worth $76,107,000 after purchasing an additional 1,335,945 shares during the last quarter. Quadrature Capital Ltd boosted its stake in Ermenegildo Zegna by 162.0% during the 1st quarter. Quadrature Capital Ltd now owns 101,067 shares of the company’s stock valued at $1,483,000 after purchasing an additional 62,488 shares during the period. Liontrust Investment Partners LLP bought a new stake in shares of Ermenegildo Zegna in the second quarter valued at approximately $2,960,000. nVerses Capital LLC increased its position in Ermenegildo Zegna by 525.0% during the second quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock worth $30,000 after acquiring an additional 2,100 shares during the period. Finally, Armistice Capital LLC raised its stake in Ermenegildo Zegna by 547.4% during the 2nd quarter. Armistice Capital LLC now owns 239,235 shares of the company’s stock valued at $2,833,000 after purchasing an additional 202,281 shares during the last quarter. 12.91% of the stock is owned by hedge funds and other institutional investors.

Ermenegildo Zegna Company 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.