Ermenegildo Zegna (NYSE:ZGN – Get Free Report) shares reached a new 52-week low during trading on Wednesday . The stock traded as low as $7.85 and last traded at $7.97, with a volume of 37974 shares changing hands. The stock had previously closed at $8.00.
Analysts Set New Price Targets
Separately, Bank of America downgraded Ermenegildo Zegna from a “buy” rating to a “neutral” rating and cut their target price for the company from $13.00 to $9.80 in a research note on Monday, September 23rd.
Ermenegildo Zegna Stock Performance
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the business. Capital World Investors grew its stake in shares of Ermenegildo Zegna by 34.6% in the first quarter. Capital World Investors now owns 5,195,013 shares of the company’s stock worth $76,107,000 after purchasing an additional 1,335,945 shares in the last quarter. Public Investment Fund grew its stake 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 purchasing an additional 764,122 shares in the last quarter. Capital Research Global Investors bought a new position in Ermenegildo Zegna during the first quarter valued at about $54,202,000. Liontrust Investment Partners LLP bought a new position in Ermenegildo Zegna during the second quarter valued at about $2,960,000. Finally, Armistice Capital LLC boosted its stake in Ermenegildo Zegna by 547.4% during the second quarter. Armistice Capital LLC now owns 239,235 shares of the company’s stock valued at $2,833,000 after buying an additional 202,281 shares in the last quarter. 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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