Bridgewater Associates LP Cuts Stock Holdings in Ermenegildo Zegna (NYSE:ZGN)

Bridgewater Associates LP trimmed its stake in shares of Ermenegildo Zegna (NYSE:ZGN) by 14.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 88,917 shares of the company’s stock after selling 14,560 shares during the period. Bridgewater Associates LP’s holdings in Ermenegildo Zegna were worth $875,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. nVerses Capital LLC lifted its position in Ermenegildo Zegna by 525.0% during the second quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock valued at $30,000 after purchasing an additional 2,100 shares during the last quarter. SG Americas Securities LLC purchased a new position in Ermenegildo Zegna in the 3rd quarter worth about $330,000. Armistice Capital LLC increased its stake in Ermenegildo Zegna by 547.4% in the 2nd 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 period. Liontrust Investment Partners LLP purchased a new position in Ermenegildo Zegna in the 2nd quarter worth about $2,960,000. Finally, Roubaix Capital LLC purchased a new position in Ermenegildo Zegna in the 3rd quarter worth about $2,481,000. 12.91% of the stock is owned by hedge funds and other institutional investors.

Ermenegildo Zegna Stock Performance

Shares of Ermenegildo Zegna stock opened at $8.09 on Monday. The firm’s 50 day moving average price is $8.14 and its 200-day moving average price is $10.07. The company has a quick ratio of 0.79, a current ratio of 1.41 and a debt-to-equity ratio of 0.24. Ermenegildo Zegna has a 52-week low of $7.13 and a 52-week high of $15.26.

Wall Street Analyst Weigh In

Several research analysts recently commented on ZGN shares. Morgan Stanley started coverage on shares of Ermenegildo Zegna in a research note on Friday, November 22nd. They issued an “underweight” rating and a $7.20 price target on the stock. Bank of America downgraded shares of Ermenegildo Zegna from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $13.00 to $9.80 in a research note on Monday, September 23rd.

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.