Lincoln Capital LLC Acquires 137,794 Shares of Hagerty, Inc. $HGTY

Key Points

• Lincoln Capital LLC boosted its Hagerty stake by 17% in the first quarter, buying 137,794 more shares and bringing its total holding to 950,652 shares worth about $10.0 million.
• Several other hedge funds also increased their positions in HGTY, while institutional investors and hedge funds now own about 20.51% of the company.
• Hagerty shares traded slightly lower at $12.23, and the stock has recently seen mixed signals: a quarterly EPS miss despite stronger-than-expected revenue, plus analyst ratings that currently lean to Hold with an average price target of $13.67.

Lincoln Capital LLC grew its holdings in shares of Hagerty, Inc. (NYSE:HGTY - Free Report) by 17.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 950,652 shares of the company's stock after acquiring an additional 137,794 shares during the quarter. Hagerty accounts for approximately 1.9% of Lincoln Capital LLC's investment portfolio, making the stock its 11th largest position. Lincoln Capital LLC owned 0.28% of Hagerty worth $10,008,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in HGTY. Goldman Sachs Group Inc. grew its holdings in shares of Hagerty by 24.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 37,383 shares of the company's stock valued at $338,000 after purchasing an additional 7,459 shares during the last quarter. Geode Capital Management LLC boosted its position in Hagerty by 2.0% in the second quarter. Geode Capital Management LLC now owns 254,634 shares of the company's stock valued at $2,576,000 after buying an additional 5,077 shares in the last quarter. Marshall Wace LLP grew its stake in shares of Hagerty by 37.2% during the second quarter. Marshall Wace LLP now owns 22,405 shares of the company's stock worth $227,000 after buying an additional 6,072 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Hagerty by 46.6% during the second quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock worth $87,000 after buying an additional 2,726 shares during the last quarter. Finally, Osaic Holdings Inc. increased its holdings in shares of Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock worth $50,000 after buying an additional 4,749 shares in the last quarter. 20.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 shares were sold at an average price of $12.25, for a total transaction of $38,134.25. Following the completion of the sale, the chief accounting officer owned 83,972 shares of the company's stock, valued at approximately $1,028,657. This represents a 3.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 13,458 shares of company stock worth $163,227. Corporate insiders own 3.70% of the company's stock.

Hagerty Trading Down 0.4%

HGTY traded down $0.05 during midday trading on Friday, hitting $12.23. 75,487 shares of the company were exchanged, compared to its average volume of 154,358. The firm's 50 day moving average price is $10.90 and its 200-day moving average price is $11.41. Hagerty, Inc. has a 1-year low of $8.81 and a 1-year high of $14.00. The firm has a market capitalization of $4.20 billion, a P/E ratio of 61.16 and a beta of 0.79. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.35.

Hagerty (NYSE:HGTY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.05). The company had revenue of $311.83 million during the quarter, compared to analyst estimates of $284.88 million. Hagerty had a net margin of 5.11% and a return on equity of 11.94%. As a group, equities analysts forecast that Hagerty, Inc. will post -0.1 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on HGTY. Wall Street Zen raised Hagerty from a "sell" rating to a "hold" rating in a report on Saturday, July 4th. Wells Fargo & Company upped their target price on Hagerty from $11.00 to $13.00 and gave the stock an "equal weight" rating in a report on Thursday. Keefe, Bruyette & Woods lifted their price target on Hagerty from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Wednesday. UBS Group set a $14.00 price target on Hagerty in a report on Wednesday, June 10th. Finally, Weiss Ratings raised Hagerty from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, June 17th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $13.67.

Hagerty Company 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.

Want to see what other hedge funds are holding HGTY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hagerty, Inc. (NYSE:HGTY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.