Ermenegildo Zegna (NYSE:ZGN – Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $8.47, but opened at $8.15. Ermenegildo Zegna shares last traded at $8.02, with a volume of 235,510 shares trading hands.
Wall Street Analysts Forecast Growth
Separately, Bank of America downgraded Ermenegildo Zegna from a “buy” rating to a “neutral” rating and cut their target price for the stock from $13.00 to $9.80 in a report on Monday.
View Our Latest Stock Analysis on ZGN
Ermenegildo Zegna Stock Down 5.9 %
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in ZGN. Capital World Investors raised its stake in Ermenegildo Zegna by 34.6% during the 1st 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 during the period. Capital Research Global Investors acquired a new stake in shares of Ermenegildo Zegna in the 1st quarter worth $54,202,000. Public Investment Fund grew its holdings in shares of Ermenegildo Zegna by 3.1% during the fourth quarter. Public Investment Fund now owns 2,228,738 shares of the company’s stock valued at $25,786,000 after buying an additional 66,371 shares during the last quarter. Tabor Asset Management LP raised its position in Ermenegildo Zegna by 48.2% during the 4th quarter. Tabor Asset Management LP now owns 734,035 shares of the company’s stock worth $8,493,000 after buying an additional 238,614 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in Ermenegildo Zegna during the fourth quarter worth about $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.
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