Hagerty (NYSE:HGTY) Major Shareholder Holding Corp. Hagerty Sells 1,500,000 Shares of Company Stock

Hagerty, Inc. (NYSE:HGTY) major shareholder Holding Corp. Hagerty sold 1,500,000 shares of the company’s stock in a transaction dated Thursday, November 12th. The shares were sold at an average price of $14.33, for a total transaction of $21,495,000.00. Following the transaction, the insider owned 10,000,000 shares in the company, valued at approximately $143,300,000. The trade was a 13.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Holding Corp. Hagerty also recently made the following trade(s):

• On Tuesday, November 10th, Holding Corp. Hagerty sold 10,000,000 shares of Hagerty stock. The shares were sold at an average price of $14.33, for a total transaction of $143,300,000.00.
• On Friday, September 11th, Holding Corp. Hagerty sold 1,387,500 shares of Hagerty stock. The stock was sold at an average price of $11.47, for a total transaction of $15,914,625.00.
• On Wednesday, September 9th, Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock. The stock was sold at an average price of $11.47, for a total transaction of $106,097,500.00.

Hagerty Trading Down 1.7%

Shares of HGTY traded down $0.28 on Thursday, reaching $15.76. 2,009,583 shares of the company’s stock were exchanged, compared to its average volume of 290,833. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $5.42 billion, a P/E ratio of 262.78 and a beta of 0.83. The business has a 50 day moving average price of $14.76 and a two-hundred day moving average price of $12.25. Hagerty, Inc. has a 12 month low of $9.36 and a 12 month high of $19.41.

Hagerty (NYSE:HGTY) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.09. Hagerty had a net margin of 1.08% and a return on equity of 6.27%. The firm had revenue of $354.24 million for the quarter, compared to analysts’ expectations of $338.99 million. Research analysts anticipate that Hagerty, Inc. will post 0.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

HGTY has been the topic of a number of analyst reports. Wells Fargo & Company increased their price target on Hagerty from $14.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 4th. Keefe, Bruyette & Woods lifted their price objective on Hagerty from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Hagerty in a report on Wednesday, November 4th. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price objective on shares of Hagerty in a report on Tuesday, November 3rd. Finally, Citizens Jmp increased their target price on Hagerty from $15.00 to $19.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 4th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $16.43.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Lincoln Capital LLC grew its holdings in Hagerty by 38.7% during the third quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company’s stock valued at $18,209,000 after purchasing an additional 377,158 shares during the period. Dimensional Fund Advisors LP increased 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 purchasing an additional 89,898 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Hagerty by 79.2% in the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock worth $1,660,000 after purchasing an additional 69,700 shares during the period. E. Ohman J or Asset Management AB raised its holdings in Hagerty by 4.2% in the third quarter. E. Ohman J or Asset Management AB now owns 48,047 shares of the company’s stock worth $647,000 after purchasing an additional 1,941 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Hagerty by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock worth $418,000 after purchasing an additional 1,209 shares during the period. Institutional investors own 20.51% of the company’s stock.

Hagerty Company Profile

Hagerty is an automotive enthusiast company focused on collectible and classic vehicles. Its services include specialty vehicle insurance, membership programs, vehicle valuation tools, and online marketplaces that connect buyers and sellers. The company also produces automotive media and hosts events and driving experiences for enthusiasts. Hagerty serves customers in the United States and select international markets, including Canada and the United Kingdom. Founded in 1984 as a family business, Hagerty is headquartered in Traverse City, Michigan.