Morgan Stanley Initiates Coverage on Ermenegildo Zegna (NYSE:ZGN)

Morgan Stanley assumed coverage on shares of Ermenegildo Zegna (NYSE:ZGN) in a research report sent to investors on Friday morning, Marketbeat.com reports. The firm issued an underweight rating and a $7.20 price target on the stock.

Separately, Bank of America lowered Ermenegildo Zegna from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $13.00 to $9.80 in a report on Monday, September 23rd.

Ermenegildo Zegna Stock Up 3.5 %

ZGN opened at $7.97 on Friday. Ermenegildo Zegna has a 12-month low of $7.13 and a 12-month high of $15.26. The company has a quick ratio of 0.79, a current ratio of 1.41 and a debt-to-equity ratio of 0.24. The firm’s fifty day moving average price is $8.22 and its 200 day moving average price is $10.20.

Institutional Investors Weigh In On Ermenegildo Zegna

A number of institutional investors have recently added to or reduced their stakes in the company. Capital World Investors raised its position in 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 acquiring an additional 1,335,945 shares in the last quarter. Quadrature Capital Ltd raised its holdings in shares of Ermenegildo Zegna by 162.0% in the 1st quarter. Quadrature Capital Ltd now owns 101,067 shares of the company’s stock worth $1,483,000 after purchasing an additional 62,488 shares in the last quarter. Liontrust Investment Partners LLP acquired a new stake in Ermenegildo Zegna during the second quarter valued at approximately $2,960,000. nVerses Capital LLC boosted its holdings in Ermenegildo Zegna by 525.0% during the second quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock worth $30,000 after buying an additional 2,100 shares in the last quarter. Finally, Armistice Capital LLC grew its position in 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. 12.91% of the stock is currently owned by institutional investors and hedge funds.

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.