Ermenegildo Zegna (NYSE:ZGN) Rating Lowered to Neutral at Bank of America

Bank of America cut shares of Ermenegildo Zegna (NYSE:ZGN) from a buy rating to a neutral rating in a report published on Monday morning, MarketBeat Ratings reports. Bank of America currently has $9.80 target price on the stock, down from their prior target price of $13.00.

Ermenegildo Zegna Trading Up 8.7 %

Ermenegildo Zegna stock opened at $9.27 on Monday. The stock has a market cap of $3.76 billion, a P/E ratio of 17.49, a PEG ratio of 2.15 and a beta of 0.62. Ermenegildo Zegna has a fifty-two week low of $7.89 and a fifty-two week high of $15.26. The firm’s fifty day moving average price is $10.19 and its 200-day moving average price is $11.72. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.79 and a current ratio of 1.41.

Hedge Funds Weigh In On Ermenegildo Zegna

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital World Investors raised 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 valued at $76,107,000 after purchasing an additional 1,335,945 shares in the last quarter. Capital Research Global Investors bought a new stake in Ermenegildo Zegna in the 1st quarter worth approximately $54,202,000. Public Investment Fund boosted its stake in Ermenegildo Zegna by 3.1% in the fourth quarter. Public Investment Fund now owns 2,228,738 shares of the company’s stock worth $25,786,000 after buying an additional 66,371 shares in the last quarter. Tabor Asset Management LP grew its position in Ermenegildo Zegna by 48.2% during the fourth quarter. Tabor Asset Management LP now owns 734,035 shares of the company’s stock valued at $8,493,000 after acquiring an additional 238,614 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in shares of Ermenegildo Zegna during the fourth quarter worth approximately $4,165,000. Hedge funds and other institutional investors own 12.91% of the company’s stock.

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.