Ermenegildo Zegna (NYSE:ZGN) Director Sells $85,345.60 in Stock

Ermenegildo Zegna N.V. (NYSE:ZGN) 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 completion of the transaction, the director directly owned 142,237 shares of the company’s stock, valued at approximately $1,866,149.44. This represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ermenegildo Zegna Price Performance

ZGN opened at $12.70 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.59 and a quick ratio of 0.91. The company’s 50 day simple moving average is $11.10 and its 200-day simple moving average is $10.62. Ermenegildo Zegna N.V. has a one year low of $7.61 and a one year high of $13.38.

Ermenegildo Zegna (NYSE:ZGN) last posted 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 company had revenue of $577.83 million for the quarter, compared to analysts’ expectations of $1.17 billion. Sell-side analysts anticipate that Ermenegildo Zegna N.V. will post 0.46 EPS for the current fiscal year.

Ermenegildo Zegna Cuts Dividend

The company also recently declared an annual dividend, which will be paid on Wednesday, July 29th. Investors of record on Monday, July 6th will be issued a $0.12 dividend. The ex-dividend date is Monday, July 6th. This represents a yield of 99.0%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ZGN shares. UBS Group reissued a “buy” rating and set a $14.50 price objective on shares of Ermenegildo Zegna in a report on Friday, May 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Ermenegildo Zegna in a research report on Monday, April 20th. Bank of America reissued a “neutral” rating and set a $11.20 price target (down from $11.50) on shares of Ermenegildo Zegna in a research note on Friday, January 16th. 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 on the stock. Finally, TD Cowen lifted their target price 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 analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Ermenegildo Zegna has a consensus rating of “Moderate Buy” and a consensus target price of $12.26.

Hedge Funds Weigh In On Ermenegildo Zegna

Hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its position in shares of Ermenegildo Zegna by 182.8% during the 1st quarter. Millennium Management LLC now owns 1,149,055 shares of the company’s stock worth $8,503,000 after buying an additional 742,680 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Ermenegildo Zegna by 22.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 134,503 shares of the company’s stock valued at $995,000 after acquiring an additional 24,862 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Ermenegildo Zegna in the 1st quarter valued at approximately $1,161,000. Geode Capital Management LLC bought a new position in Ermenegildo Zegna during the 2nd quarter worth approximately $6,245,000. Finally, JPMorgan Chase & Co. boosted its stake in Ermenegildo Zegna by 59,691.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 29,298 shares of the company’s stock worth $250,000 after acquiring an additional 29,249 shares during the last quarter. Institutional investors and hedge funds own 12.91% of the company’s stock.

About Ermenegildo Zegna

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.