TD Cowen Initiates Coverage on Ermenegildo Zegna (NYSE:ZGN)

TD Cowen assumed coverage on shares of Ermenegildo Zegna (NYSE:ZGN) in a report issued on Tuesday morning, MarketBeat.com reports. The firm issued a hold rating and a $10.00 target price on the stock.

Several other brokerages have also issued reports on ZGN. Morgan Stanley initiated coverage on shares of Ermenegildo Zegna in a research report on Friday, November 22nd. They set an “underweight” rating and a $7.20 target price for the company. Bank of America upgraded shares of Ermenegildo Zegna from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $9.40 to $8.90 in a research note on Thursday, January 16th. Finally, BNP Paribas upgraded Ermenegildo Zegna to a “hold” rating in a research note on Monday, December 2nd.

Ermenegildo Zegna Price Performance

Shares of NYSE:ZGN opened at $8.88 on Tuesday. Ermenegildo Zegna has a 52-week low of $7.13 and a 52-week 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 stock’s 50-day simple moving average is $8.58 and its two-hundred day simple moving average is $8.78.

Institutional Investors Weigh In On Ermenegildo Zegna

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ZGN. Public Investment Fund lifted its stake in shares of Ermenegildo Zegna by 57.3% during the 4th quarter. Public Investment Fund now owns 5,834,324 shares of the company’s stock valued at $48,192,000 after buying an additional 2,124,128 shares in the last quarter. Alpine Investment Management Ltd purchased a new stake in Ermenegildo Zegna during the 4th quarter valued at approximately $7,100,000. Tabor Asset Management LP lifted its holdings in shares of Ermenegildo Zegna by 362.0% in the fourth quarter. Tabor Asset Management LP now owns 959,643 shares of the company’s stock worth $7,927,000 after buying an additional 751,930 shares in the last quarter. Invesco Ltd. increased its holdings in Ermenegildo Zegna by 10.0% in the 4th quarter. Invesco Ltd. now owns 6,386,184 shares of the company’s stock valued at $52,750,000 after acquiring an additional 581,696 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in shares of Ermenegildo Zegna during the 4th quarter valued at about $4,172,000. Institutional investors own 12.91% of the company’s stock.

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.