Garner Asset Management Corp Purchases Shares of 321,825 Hagerty, Inc. (NYSE:HGTY)

Garner Asset Management Corp bought a new position in Hagerty, Inc. (NYSE:HGTY - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 321,825 shares of the company's stock, valued at approximately $2,909,000. Hagerty accounts for about 1.3% of Garner Asset Management Corp's investment portfolio, making the stock its 21st largest holding. Garner Asset Management Corp owned about 0.09% of Hagerty as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in Hagerty during the fourth quarter valued at about $879,000. Legal & General Group Plc boosted its position in Hagerty by 48.6% during the fourth quarter. Legal & General Group Plc now owns 25,148 shares of the company's stock valued at $243,000 after purchasing an additional 8,226 shares in the last quarter. Jane Street Group LLC bought a new stake in Hagerty during the fourth quarter valued at about $230,000. XTX Topco Ltd bought a new stake in Hagerty during the fourth quarter valued at about $119,000. Finally, Voya Investment Management LLC bought a new stake in Hagerty during the fourth quarter valued at about $104,000. Hedge funds and other institutional investors own 20.51% of the company's stock.

Hagerty Stock Up 0.7%

Shares of HGTY traded up $0.07 during mid-day trading on Friday, reaching $10.70. The company's stock had a trading volume of 43,804 shares, compared to its average volume of 69,979. Hagerty, Inc. has a 12-month low of $8.03 and a 12-month high of $12.35. The stock has a market cap of $3.66 billion, a PE ratio of 53.50 and a beta of 0.90. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.01 and a quick ratio of 1.01. The company's 50 day moving average is $9.87 and its 200 day moving average is $9.56.

Hagerty (NYSE:HGTY - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.06. Hagerty had a return on equity of 13.55% and a net margin of 4.73%. The firm had revenue of $319.59 million for the quarter, compared to the consensus estimate of $299.92 million. During the same quarter last year, the business posted $0.04 EPS. Equities analysts anticipate that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robert I. Kauffman sold 110,600 shares of Hagerty stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $10.46, for a total value of $1,156,876.00. Following the completion of the sale, the director owned 3,205,390 shares of the company's stock, valued at $33,528,379.40. The trade was a 3.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders sold 817,267 shares of company stock valued at $8,217,221. Company insiders own 17.90% of the company's stock.

Analyst Upgrades and Downgrades

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