Hagerty (NYSE:HGTY) Stock: Insider Holding Corp. Hagerty Sells 1,500,000 Shares

Hagerty, Inc. (NYSE:HGTY) major shareholder Holding Corp. Hagerty sold 1,500,000 shares of the business’s stock in a transaction that occurred on Thursday, November 12th. The stock was sold at an average price of $14.33, for a total value of $21,495,000.00. Following the completion of the transaction, the insider directly owned 10,000,000 shares in the company, valued at $143,300,000. The trade was a 13.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases 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 stock was sold at an average price of $14.33, for a total value of $143,300,000.00.
• On Friday, September 11th, Holding Corp. Hagerty sold 1,387,500 shares of Hagerty stock. The shares were sold at an average price of $11.47, for a total value of $15,914,625.00.
• On Wednesday, September 9th, Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock. The shares were sold at an average price of $11.47, for a total value of $106,097,500.00.

Hagerty Price Performance

HGTY traded down $0.28 during trading on Thursday, hitting $15.76. The company’s stock had a trading volume of 2,009,583 shares, compared to its average volume of 290,833. The firm’s 50 day moving average price is $14.76 and its two-hundred day moving average price is $12.25. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.37. Hagerty, Inc. has a 12 month low of $9.36 and a 12 month high of $19.41. The stock has a market capitalization of $5.42 billion, a price-to-earnings ratio of 262.78 and a beta of 0.83.

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

Wall Street Analysts Forecast Growth

HGTY has been the topic of several research reports. Keefe, Bruyette & Woods upped their price target on shares of Hagerty from $15.00 to $16.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Zacks Research cut shares of Hagerty from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Weiss Ratings restated a “hold (c)” rating on shares of Hagerty in a research report on Wednesday, November 4th. Wells Fargo & Company boosted their target price on shares of Hagerty from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 4th. Finally, Oppenheimer reiterated an “outperform” rating and set a $20.00 target price on shares of Hagerty in a research report on Tuesday, November 3rd. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $16.43.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Lincoln Capital LLC increased its stake in shares of Hagerty by 38.7% in the 3rd quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company’s stock valued at $18,209,000 after buying an additional 377,158 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Hagerty by 49.5% during 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 period. Renaissance Technologies LLC lifted its stake in shares of Hagerty by 79.2% during the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock valued at $1,660,000 after acquiring an additional 69,700 shares during the period. E. Ohman J or Asset Management AB lifted its stake in shares of Hagerty by 4.2% during the third quarter. E. Ohman J or Asset Management AB now owns 48,047 shares of the company’s stock valued at $647,000 after acquiring an additional 1,941 shares during the period. Finally, Bank of New York Mellon Corp boosted 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 valued at $418,000 after acquiring an additional 1,209 shares during the last quarter. 20.51% of the stock is currently owned by institutional investors.

About Hagerty

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.