Hagerty (NYSE:HGTY) Raised to “Buy” at Wall Street Zen

Hagerty (NYSE:HGTY) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Several other equities analysts also recently commented on the stock. Oppenheimer initiated coverage on shares of Hagerty in a research note on Wednesday, September 17th. They issued an “outperform” rating and a $15.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on shares of Hagerty from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Hagerty in a research note on Wednesday, October 8th. BMO Capital Markets began coverage on shares of Hagerty in a research note on Monday, September 22nd. They set a “market perform” rating and a $13.00 price target for the company. Finally, JMP Securities began coverage on shares of Hagerty in a research note on Wednesday, October 1st. They set a “market outperform” rating and a $15.00 price target for the company. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $13.88.

Hagerty Price Performance

Shares of NYSE:HGTY opened at $11.26 on Friday. The company has a market cap of $3.85 billion, a price-to-earnings ratio of 56.30 and a beta of 0.91. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a 50 day simple moving average of $11.79 and a 200 day simple moving average of $10.55. Hagerty has a one year low of $8.03 and a one year high of $13.32.

Hagerty (NYSE:HGTY) last issued 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 business had revenue of $368.70 million during the quarter, compared to the consensus estimate of $347.15 million. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. Research analysts predict that Hagerty will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Hagerty

In other news, Director Robert I. Kauffman sold 15,270 shares of the stock in a transaction on Monday, October 27th. The shares were sold at an average price of $11.12, for a total transaction of $169,802.40. Following the completion of the sale, the director directly owned 898,097 shares in the company, valued at $9,986,838.64. This represents a 1.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 11,633,821 shares of company stock worth $105,120,074 in the last ninety days. Corporate insiders own 16.70% of the company’s stock.

Institutional Investors Weigh In On Hagerty

Large investors have recently modified their holdings of the company. IFP Advisors Inc acquired a new stake in shares of Hagerty during the second quarter worth $30,000. Osaic Holdings Inc. increased its position in shares of Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock worth $50,000 after buying an additional 4,749 shares during the period. Bank of America Corp DE increased its position in shares of Hagerty by 46.6% during the second quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock worth $87,000 after buying an additional 2,726 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Hagerty during the first quarter worth $93,000. Finally, KLP Kapitalforvaltning AS increased its position in shares of Hagerty by 228.1% during the second quarter. KLP Kapitalforvaltning AS now owns 10,500 shares of the company’s stock worth $106,000 after buying an additional 7,300 shares during the period. 20.51% of the stock is currently owned by institutional investors and hedge funds.

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.