Hagerty (NYSE:HGTY) Price Target Raised to $19.00

Hagerty (NYSE:HGTY) had its price objective hoisted by Citizens Jmp from $15.00 to $19.00 in a report issued on Wednesday,Benzinga reports. They currently have a market outperform rating on the stock.

HGTY has been the topic of several other reports. Zacks Research cut shares of Hagerty from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Oppenheimer reissued an “outperform” rating and issued a $20.00 price target on shares of Hagerty in a report on Tuesday. Weiss Ratings upgraded shares of Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods upped their price objective on Hagerty from $15.00 to $16.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Finally, Wells Fargo & Company increased their price objective on Hagerty from $11.00 to $13.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $16.43.

Hagerty Price Performance

NYSE HGTY traded down $0.37 on Wednesday, hitting $17.99. 377,965 shares of the company were exchanged, compared to its average volume of 335,459. The firm has a 50 day moving average of $14.56 and a two-hundred day moving average of $12.18. The company has a market cap of $6.18 billion, a P/E ratio of 299.85 and a beta of 0.83. 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 has a 1-year low of $9.36 and a 1-year high of $19.41.

Hagerty (NYSE:HGTY) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.09. The firm had revenue of $354.24 million during the quarter, compared to analysts’ expectations of $338.99 million. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. On average, equities analysts predict that Hagerty will post 0.06 EPS for the current year.

Insiders Place Their Bets

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the company’s stock in a transaction dated 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 directly owned 9,250,000 shares in the company, valued at approximately $106,097,500. This represents a 13.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Hagerty

Several institutional investors have recently modified their holdings of HGTY. Lincoln Capital LLC raised its stake in shares of Hagerty by 38.7% during the third quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company’s stock worth $18,209,000 after buying an additional 377,158 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Hagerty by 49.5% in 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 last quarter. Renaissance Technologies LLC grew its holdings in 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 acquiring an additional 69,700 shares during the period. E. Ohman J or Asset Management AB grew its holdings in Hagerty by 4.2% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 48,047 shares of the company’s stock worth $647,000 after acquiring an additional 1,941 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Hagerty by 3.1% during the 1st quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock worth $418,000 after acquiring an additional 1,209 shares during the period. Institutional investors and hedge funds own 20.51% of the company’s stock.

About Hagerty

Hagerty, Inc is an automotive lifestyle and insurance company focused on enthusiasts and owners of classic, collector and specialty vehicles. The company provides insurance brokerage and related services designed for collector vehicles, with coverage generally underwritten by third-party insurance carriers.

In addition to insurance, Hagerty offers vehicle valuation and pricing information, membership programs, editorial content, events and enthusiast-focused digital services. Its offerings include Hagerty Drivers Club, Hagerty Valuations and Hagerty Marketplace, which connects buyers and sellers of collectible vehicles.