Hagerty, Inc. (NYSE:HGTY) Director Sells $123,999.56 in Stock

Hagerty, Inc. (NYSE:HGTY) Director Robert I. Kauffman sold 12,326 shares of Hagerty stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $10.06, for a total value of $123,999.56. Following the completion of the transaction, the director now directly owns 3,839,543 shares in the company, valued at $38,625,802.58. This represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Hagerty Stock Performance

Hagerty stock opened at $9.52 on Thursday. The stock’s 50 day moving average price is $9.19 and its 200 day moving average price is $9.72. The firm has a market capitalization of $3.25 billion, a PE ratio of 86.55 and a beta of 0.91. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.01 and a current ratio of 1.01. Hagerty, Inc. has a one year low of $8.03 and a one year high of $12.35.

Hagerty (NYSE:HGTY) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.02 by $0.06. The firm had revenue of $319.59 million for the quarter, compared to analyst estimates of $299.92 million. Hagerty had a return on equity of 12.06% and a net margin of 5.27%. During the same period in the previous year, the company posted $0.04 EPS. As a group, sell-side analysts expect that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Hagerty

Several hedge funds and other institutional investors have recently bought and sold shares of HGTY. Goldman Sachs Group Inc. increased its holdings 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 acquiring an additional 7,459 shares during the last quarter. Lincoln Capital LLC increased its holdings in shares of Hagerty by 12.3% in the 1st quarter. Lincoln Capital LLC now owns 555,286 shares of the company’s stock valued at $4,753,000 after acquiring an additional 60,791 shares during the last quarter. Neuberger Berman Group LLC increased its holdings in shares of Hagerty by 15.7% in the 1st quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company’s stock valued at $49,438,000 after acquiring an additional 743,597 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Hagerty in the 1st quarter valued at approximately $108,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Hagerty by 4.1% in the 1st 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. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. reduced their price objective on Hagerty from $11.00 to $10.00 and set a “neutral” rating on the stock 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.