Corton Capital Inc. Acquires Shares of 27,007 Hagerty, Inc. $HGTY

Corton Capital Inc. acquired a new stake in shares of Hagerty, Inc. (NYSE:HGTY) in the 2nd quarter, HoldingsChannel reports. The firm acquired 27,007 shares of the company’s stock, valued at approximately $273,000.

Several other institutional investors have also added to or reduced their stakes in HGTY. Neuberger Berman Group LLC increased its holdings in shares of Hagerty by 15.7% during the first quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company’s stock worth $49,438,000 after buying an additional 743,597 shares in the last quarter. Garner Asset Management Corp acquired a new position in shares of Hagerty during the first quarter worth $2,909,000. Scholtz & Company LLC acquired a new position in shares of Hagerty during the second quarter worth $2,429,000. Greenhaven Road Investment Management L.P. increased its holdings in shares of Hagerty by 10.1% during the first quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company’s stock worth $12,299,000 after buying an additional 124,336 shares in the last quarter. Finally, Lincoln Capital LLC increased its holdings in shares of Hagerty by 12.3% during the first quarter. Lincoln Capital LLC now owns 555,286 shares of the company’s stock worth $4,753,000 after buying an additional 60,791 shares in the last quarter. 20.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

HGTY has been the topic of several analyst reports. BMO Capital Markets initiated coverage on shares of Hagerty in a research note on Monday, September 22nd. They issued a “market perform” rating and a $13.00 price objective on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hagerty in a research report on Wednesday, October 8th. Citizens Jmp initiated coverage on shares of Hagerty in a research report on Wednesday, October 1st. They set a “mkt outperform” rating and a $15.00 price objective on the stock. Oppenheimer initiated coverage on shares of Hagerty in a research report on Wednesday, September 17th. They set an “outperform” rating and a $15.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Hagerty from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $13.88.

Insider Buying and Selling

In other news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $8.92, for a total transaction of $73,545,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert I. Kauffman sold 1,455,000 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $8.92, for a total transaction of $12,978,600.00. Following the transaction, the director directly owned 1,721,662 shares of the company’s stock, valued at $15,357,225.04. This represents a 45.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,633,821 shares of company stock valued at $105,120,074 over the last three months. Insiders own 16.70% of the company’s stock.

Hagerty Trading Up 0.6%

NYSE:HGTY opened at $11.26 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of 56.30 and a beta of 0.91. Hagerty, Inc. has a 52 week low of $8.03 and a 52 week high of $13.32. The firm has a 50-day moving average price of $11.79 and a two-hundred day moving average price of $10.55.

Hagerty (NYSE:HGTY) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $368.70 million during the quarter, compared to analyst estimates of $347.15 million. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. On average, equities analysts expect that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

About Hagerty

Hagerty, Inc provides insurance agency services worldwide. It offers motor vehicle and boat insurance products; and reinsurance products. The company provides Hagerty Media, which publishes contents through the Hagerty Drivers Club Magazine (HDC), video content, and social media channels; HDC that offers subscription based products and services, including HDC Magazine, automotive enthusiast events, proprietary vehicle valuation tools, emergency roadside services, and special vehicle-related discounts.