Insider Selling: Hagerty, Inc. (NYSE:HGTY) Director Sells 4,600 Shares of Stock

Hagerty, Inc. (NYSE:HGTY) Director Robert I. Kauffman sold 4,600 shares of Hagerty stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $10.06, for a total transaction of $46,276.00. Following the completion of the transaction, the director owned 3,694,235 shares of the company’s stock, valued at $37,164,004.10. This trade represents a 0.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Hagerty Trading Down 1.0%

HGTY opened at $10.05 on Thursday. Hagerty, Inc. has a fifty-two week low of $8.03 and a fifty-two week high of $12.35. The company has a market cap of $3.43 billion, a price-to-earnings ratio of 50.25 and a beta of 0.90. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a 50 day simple moving average of $9.57 and a 200 day simple moving average of $9.56.

Hagerty (NYSE:HGTY) last issued its earnings results on Wednesday, May 7th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.06. The firm had revenue of $319.59 million for the quarter, compared to analysts’ expectations of $299.92 million. Hagerty had a return on equity of 13.55% and a net margin of 4.73%. During the same quarter last year, the business earned $0.04 earnings per share. On average, sell-side analysts anticipate that Hagerty, Inc. will post 0.22 earnings per share for the current year.

Institutional Trading of Hagerty

A number of large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in shares of Hagerty by 24.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 37,383 shares of the company’s stock valued at $338,000 after purchasing an additional 7,459 shares during the period. Lincoln Capital LLC lifted its position in Hagerty by 12.3% during the 1st 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. Neuberger Berman Group LLC boosted its position in Hagerty by 15.7% during the first quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company’s stock valued at $49,438,000 after purchasing an additional 743,597 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Hagerty in the 1st quarter valued at approximately $108,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Hagerty by 4.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 142,768 shares of the company’s stock valued at $1,291,000 after acquiring an additional 5,667 shares during the last quarter. Institutional investors own 20.51% of the company’s stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. dropped their target price on shares of Hagerty from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th.

Hagerty Company Profile

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.