Dimensional Fund Advisors LP Increases Stake in Hagerty, Inc. $HGTY

Key Points

• Dimensional Fund Advisors increased its Hagerty stake by 49.5% in the first quarter, adding 89,898 shares to own 271,346 shares valued at approximately $2.86 million. Institutional investors collectively hold 20.51% of Hagerty’s stock.
• Analysts raised several price targets, but coverage remains mixed: four analysts rate Hagerty a Buy and five rate it a Hold, resulting in a consensus Hold rating and average target price of $14.00.
• Hagerty reported quarterly revenue of $354.82 million and an adjusted loss of $0.02 per share, beating analysts’ estimates. The stock opened at $12.72, while insiders sold 13,458 shares worth $163,227 over the past 90 days.

Dimensional Fund Advisors LP boosted its stake in Hagerty, Inc. (NYSE:HGTY - Free Report) by 49.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 271,346 shares of the company's stock after purchasing an additional 89,898 shares during the quarter. Dimensional Fund Advisors LP owned about 0.08% of Hagerty worth $2,857,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Osaic Holdings Inc. boosted its holdings in shares of Hagerty by 2,374.5% in the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock valued at $50,000 after purchasing an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Hagerty by 165.3% in the third quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company's stock valued at $62,000 after acquiring an additional 3,197 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Hagerty during the fourth quarter valued at about $98,000. Bank of America Corp DE grew its position in Hagerty by 46.6% during the second quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock valued at $87,000 after acquiring an additional 2,726 shares during the period. Finally, Occudo Quantitative Strategies LP purchased a new position in shares of Hagerty in the 4th quarter worth about $170,000. Institutional investors and hedge funds own 20.51% of the company's stock.

Insider Transactions at Hagerty

In other Hagerty news, CAO Kevin M. Delaney sold 3,113 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $12.25, for a total transaction of $38,134.25. Following the transaction, the chief accounting officer owned 83,972 shares of the company's stock, valued at $1,028,657. This trade represents a 3.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 13,458 shares of company stock worth $163,227 in the last 90 days. Corporate insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Wells Fargo & Company increased their target price on shares of Hagerty from $11.00 to $13.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. increased their price objective on shares of Hagerty from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 14th. Keefe, Bruyette & Woods lifted their target price on shares of Hagerty from $15.00 to $16.00 and gave the company an "outperform" rating in a report on Tuesday. Truist Financial upped their price target on shares of Hagerty from $11.00 to $13.00 and gave the stock a "hold" rating in a research report on Friday, August 7th. Finally, UBS Group set a $14.00 price target on Hagerty in a report on Wednesday, June 10th. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Hagerty presently has a consensus rating of "Hold" and an average target price of $14.00.

Hagerty Trading Down 0.5%

HGTY opened at $12.72 on Thursday. The stock has a market capitalization of $4.37 billion, a PE ratio of 141.33 and a beta of 0.79. The firm's fifty day moving average price is $11.73 and its 200 day moving average price is $11.25. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.53 and a quick ratio of 1.53. Hagerty, Inc. has a 12-month low of $9.36 and a 12-month high of $14.00.

Hagerty (NYSE:HGTY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.07. The company had revenue of $354.82 million during the quarter, compared to analyst estimates of $316.21 million. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. As a group, research analysts expect that Hagerty, Inc. will post -0.1 EPS for the current fiscal year.

Hagerty Profile

Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists.

Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand.

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