Millennium Management LLC Cuts Stock Position in Hagerty, Inc. (NYSE:HGTY)

Millennium Management LLC lowered its holdings in shares of Hagerty, Inc. (NYSE:HGTY - Free Report) by 62.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,849 shares of the company's stock after selling 69,777 shares during the quarter. Millennium Management LLC's holdings in Hagerty were worth $413,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Pembroke Management LTD bought a new position in Hagerty during the fourth quarter valued at approximately $9,201,000. Neuberger Berman Group LLC raised its holdings in shares of Hagerty by 11.4% during the 4th quarter. Neuberger Berman Group LLC now owns 4,725,196 shares of the company's stock worth $45,598,000 after acquiring an additional 483,324 shares in the last quarter. Markel Group Inc. boosted its position in shares of Hagerty by 3.6% during the 4th quarter. Markel Group Inc. now owns 3,108,000 shares of the company's stock valued at $29,992,000 after acquiring an additional 108,000 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in shares of Hagerty in the fourth quarter valued at $997,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Hagerty in the fourth quarter valued at $879,000. 20.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Laurie Harris sold 3,934 shares of the company's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $8.41, for a total transaction of $33,084.94. Following the transaction, the director now directly owns 30,349 shares of the company's stock, valued at approximately $255,235.09. This represents a 11.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert I. Kauffman sold 8,736 shares of the stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $9.18, for a total value of $80,196.48. Following the sale, the director now owns 4,121,185 shares of the company's stock, valued at approximately $37,832,478.30. This represents a 0.21% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 190,929 shares of company stock worth $1,830,758. 17.90% of the stock is currently owned by corporate insiders.

Hagerty Trading Down 1.9%

Shares of NYSE:HGTY traded down $0.18 during trading on Tuesday, hitting $9.61. The company had a trading volume of 44,743 shares, compared to its average volume of 85,820. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of 87.35 and a beta of 0.91. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.01 and a quick ratio of 1.01. The company has a fifty day simple moving average of $9.15 and a two-hundred day simple moving average of $9.73. Hagerty, Inc. has a one year low of $8.03 and a one year high of $12.35.

Hagerty (NYSE:HGTY - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.06. The firm had revenue of $319.59 million during the quarter, compared to analysts' expectations of $299.92 million. Hagerty had a net margin of 5.27% and a return on equity of 12.06%. During the same period in the previous year, the company earned $0.04 EPS. As a group, equities analysts forecast that Hagerty, Inc. will post 0.22 earnings per share for the current year.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. dropped their price objective on shares of Hagerty from $11.00 to $10.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th.

About Hagerty

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.