Polar Capital Holdings Plc Reduces Holdings in Hagerty, Inc. $HGTY

Polar Capital Holdings Plc lowered its holdings in shares of Hagerty, Inc. (NYSE:HGTY) by 0.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,767,416 shares of the company’s stock after selling 50,000 shares during the period. Polar Capital Holdings Plc owned about 1.69% of Hagerty worth $77,514,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Osaic Holdings Inc. increased its stake in shares of Hagerty by 2,374.5% during the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock worth $50,000 after purchasing an additional 4,749 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Hagerty by 165.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock valued at $62,000 after buying an additional 3,197 shares in the last quarter. Bank of America Corp DE lifted its stake in Hagerty by 46.6% in the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock valued at $87,000 after buying an additional 2,726 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Hagerty during the 4th quarter valued at $98,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Hagerty during the third quarter worth $155,000. Hedge funds and other institutional investors own 20.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HGTY. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Hagerty in a research report on Wednesday, June 10th. UBS Group set a $14.00 target price on shares of Hagerty in a research note on Wednesday, June 10th. Wells Fargo & Company reduced their target price on shares of Hagerty from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Weiss Ratings downgraded shares of Hagerty from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, June 3rd. Finally, Wall Street Zen lowered shares of Hagerty from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Hagerty presently has a consensus rating of “Hold” and a consensus target price of $13.44.

Hagerty Trading Up 4.0%

NYSE HGTY opened at $11.12 on Wednesday. The company has a market cap of $3.82 billion, a P/E ratio of 55.58 and a beta of 0.82. Hagerty, Inc. has a 12 month low of $8.81 and a 12 month high of $14.00. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.65 and a quick ratio of 1.65. The company has a 50-day moving average of $10.59 and a 200-day moving average of $11.55.

Hagerty (NYSE:HGTY) last released its earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.05). Hagerty had a return on equity of 11.94% and a net margin of 5.11%.The company had revenue of $311.83 million during the quarter, compared to analyst estimates of $284.88 million. As a group, equities analysts predict that Hagerty, Inc. will post -0.1 earnings per share for the current year.

Insider Buying and Selling at Hagerty

In other news, Director Laurie Harris sold 5,531 shares of the business’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $11.01, for a total transaction of $60,896.31. Following the completion of the sale, the director directly owned 36,689 shares of the company’s stock, valued at $403,945.89. The trade was a 13.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 3.70% of the stock is currently owned by company insiders.

About Hagerty

Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists.

Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand.