Hagerty (NYSE:HGTY) Stock Rating Lowered by Wall Street Zen

Hagerty (NYSE:HGTY) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

A number of other research analysts have also weighed in on the company. Citizens Jmp initiated coverage on Hagerty in a research report on Wednesday, October 1st. They set a “mkt outperform” rating and a $15.00 price objective for the company. Wells Fargo & Company initiated coverage on Hagerty in a report on Friday, October 3rd. They set an “equal weight” rating and a $13.00 price target for the company. Evercore ISI assumed coverage on Hagerty in a research report on Wednesday, August 27th. They issued an “outperform” rating and a $14.00 price target for the company. Keefe, Bruyette & Woods assumed coverage on shares of Hagerty in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $14.00 price target on the stock. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Hagerty in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $13.88.

Hagerty Trading Down 1.3%

Shares of NYSE HGTY opened at $11.30 on Friday. Hagerty has a 1 year low of $8.03 and a 1 year high of $13.32. The stock has a market cap of $3.86 billion, a P/E ratio of 56.48 and a beta of 0.92. The firm has a 50-day moving average of $11.77 and a 200 day moving average of $10.36. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06.

Hagerty (NYSE:HGTY) last announced its quarterly earnings data on Monday, August 4th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. The business had revenue of $368.70 million for the quarter, compared to analysts’ expectations of $347.15 million. Hagerty has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Hagerty will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling

In other Hagerty news, Director Robert I. Kauffman sold 23,392 shares of the business’s stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $11.64, for a total value of $272,282.88. Following the completion of the transaction, the director owned 987,742 shares of the company’s stock, valued at approximately $11,497,316.88. The trade was a 2.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 11,755,766 shares of company stock valued at $106,320,415. 16.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Neuberger Berman Group LLC lifted its position in Hagerty by 1.6% during the second quarter. Neuberger Berman Group LLC now owns 5,557,427 shares of the company’s stock valued at $56,186,000 after purchasing an additional 88,634 shares during the period. Greenhaven Road Investment Management L.P. raised its stake in Hagerty by 33.2% during the 2nd quarter. Greenhaven Road Investment Management L.P. now owns 1,811,539 shares of the company’s stock valued at $18,315,000 after buying an additional 451,033 shares during the last quarter. Pembroke Management LTD raised its stake in Hagerty by 5.9% during the 2nd quarter. Pembroke Management LTD now owns 993,449 shares of the company’s stock valued at $10,044,000 after buying an additional 55,749 shares during the last quarter. Lincoln Capital LLC lifted its holdings in shares of Hagerty by 9.4% during the 2nd quarter. Lincoln Capital LLC now owns 607,309 shares of the company’s stock valued at $6,140,000 after buying an additional 52,023 shares during the period. Finally, Garner Asset Management Corp purchased a new position in shares of Hagerty in the 1st quarter worth $2,909,000. 20.51% of the stock is owned by hedge funds and other institutional investors.

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.