Ermenegildo Zegna (NYSE:ZGN) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Ermenegildo Zegna (NYSE:ZGN) from a neutral rating to a buy rating in a research note issued to investors on Thursday morning, Marketbeat reports. The firm currently has $8.90 price objective on the stock, down from their prior price objective of $9.40.

A number of other equities analysts also recently issued reports on the stock. Morgan Stanley began coverage on shares of Ermenegildo Zegna in a research note on Friday, November 22nd. They set an “underweight” rating and a $7.20 price objective on the stock. BNP Paribas upgraded shares of Ermenegildo Zegna to a “hold” rating in a research note on Monday, December 2nd.

Ermenegildo Zegna Price Performance

Shares of ZGN stock opened at $8.12 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.79 and a current ratio of 1.41. The company’s 50-day simple moving average is $8.05 and its two-hundred day simple moving average is $9.17. Ermenegildo Zegna has a one year low of $7.13 and a one year high of $15.26.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ZGN. Public Investment Fund raised its holdings in shares of Ermenegildo Zegna by 25.9% in the second quarter. Public Investment Fund now owns 3,710,196 shares of the company’s stock worth $43,929,000 after buying an additional 764,122 shares during the last quarter. QVIDTVM Management LLC purchased a new position in shares of Ermenegildo Zegna in the third quarter worth $2,908,000. Roubaix Capital LLC purchased a new position in shares of Ermenegildo Zegna in the third quarter worth $2,481,000. Armistice Capital LLC raised its holdings in shares of Ermenegildo Zegna by 547.4% in the second quarter. Armistice Capital LLC now owns 239,235 shares of the company’s stock worth $2,833,000 after buying an additional 202,281 shares during the last quarter. Finally, Arizona PSPRS Trust purchased a new position in shares of Ermenegildo Zegna in the third quarter worth $979,000. 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.