Hagerty (NYSE:HGTY) Major Shareholder Holding Corp. Hagerty Sells 1,387,500 Shares

Hagerty, Inc. (NYSE:HGTY) major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the business’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $11.47, for a total transaction of $15,914,625.00. Following the transaction, the insider owned 9,250,000 shares in the company, valued at approximately $106,097,500. This represents a 13.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Holding Corp. Hagerty also recently made the following trade(s):

• On Wednesday, September 9th, Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock. The stock was sold at an average price of $11.47, for a total value of $106,097,500.00.

Hagerty Price Performance

HGTY opened at $13.53 on Friday. The stock has a fifty day moving average price of $12.63 and a 200 day moving average price of $11.40. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. Hagerty, Inc. has a 1 year low of $9.36 and a 1 year high of $14.00. The stock has a market cap of $4.65 billion, a price-to-earnings ratio of 150.32 and a beta of 0.81.

Hagerty (NYSE:HGTY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.07. The company had revenue of $354.82 million during the quarter, compared to the consensus estimate of $316.21 million. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. Analysts forecast that Hagerty, Inc. will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of HGTY. Dimensional Fund Advisors LP boosted its holdings in Hagerty by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock valued at $2,857,000 after acquiring an additional 89,898 shares during the period. Bristlecone Value Partners LLC bought a new position in shares of Hagerty in the fourth quarter worth about $779,000. Lincoln Capital LLC lifted its position in shares of Hagerty by 17.0% during the 1st quarter. Lincoln Capital LLC now owns 950,652 shares of the company’s stock worth $10,008,000 after purchasing an additional 137,794 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Hagerty by 79.2% during the 1st quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock worth $1,660,000 after purchasing an additional 69,700 shares during the last quarter. Finally, Dockside LLC bought a new stake in Hagerty during the 4th quarter valued at approximately $257,000. Institutional investors own 20.51% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Zacks Research raised shares of Hagerty from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 13th. Wall Street Zen upgraded shares of Hagerty from a “sell” rating to a “hold” rating in a report on Saturday, July 4th. Keefe, Bruyette & Woods lifted their price objective on shares of Hagerty from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Weiss Ratings upgraded shares of Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. increased their target price on shares of Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

Hagerty Company Profile

Hagerty, Inc is an automotive lifestyle company focused on serving classic and enthusiast vehicle owners. Through its insurance operations, the company provides specialty insurance products and related services designed for collector cars, classic vehicles, motorsports vehicles and other vehicles that may require coverage tailored to their usage and value.

Hagerty also offers automotive valuation tools, vehicle research and pricing information, membership benefits, and digital content for enthusiasts.