Ermenegildo Zegna (NYSE:ZGN) Downgraded to “Neutral” at Bank of America

Ermenegildo Zegna (NYSE:ZGN) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Monday, Marketbeat.com reports. They presently have a $9.80 price objective on the stock, down from their previous price objective of $13.00. Bank of America‘s price objective would indicate a potential upside of 15.98% from the company’s current price.

Ermenegildo Zegna Stock Up 6.6 %

NYSE:ZGN opened at $8.45 on Monday. The firm has a market capitalization of $3.42 billion, a P/E ratio of 13.20, a PEG ratio of 2.03 and a beta of 0.62. The company’s fifty day moving average price is $10.30 and its 200-day moving average price is $11.79. Ermenegildo Zegna has a 1-year low of $7.89 and a 1-year high of $15.26. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 0.76.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ZGN. nVerses Capital LLC grew its position in shares of Ermenegildo Zegna by 525.0% during the 2nd quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock valued at $30,000 after acquiring an additional 2,100 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Ermenegildo Zegna during the fourth quarter worth approximately $264,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Ermenegildo Zegna in the first quarter valued at approximately $353,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Ermenegildo Zegna in the first quarter valued at approximately $563,000. Finally, Quadrature Capital Ltd raised its stake in shares of Ermenegildo Zegna by 49.7% during the 4th quarter. Quadrature Capital Ltd now owns 38,579 shares of the company’s stock worth $446,000 after buying an additional 12,805 shares during the period. 12.91% of the stock is currently owned by hedge funds and other 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.