Neuberger Berman Group LLC Boosts Holdings in Hagerty, Inc. (NYSE:HGTY)

Key Points

• Neuberger Berman Group LLC increased its stake in Hagerty, Inc. by 15.7%, acquiring an additional 743,597 shares, bringing its total ownership to 5,468,793 shares valued at approximately $49.4 million.
• Insider trading activity included the sale of 10.7 million shares by insiders, with Director Robert I. Kauffman alone selling 1.46 million shares for nearly $12.98 million, reflecting a 45.8% decrease in his ownership.
• Hagerty reported quarterly earnings of $0.13 per share, surpassing estimates of $0.11, with revenues reaching $368.7 million, exceeding analyst predictions of $347.15 million.

Neuberger Berman Group LLC raised its stake in Hagerty, Inc. (NYSE:HGTY - Free Report) by 15.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 5,468,793 shares of the company's stock after purchasing an additional 743,597 shares during the quarter. Neuberger Berman Group LLC owned 1.60% of Hagerty worth $49,438,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Greenhaven Road Investment Management L.P. lifted its stake in Hagerty by 10.1% in the first quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company's stock worth $12,299,000 after acquiring an additional 124,336 shares during the period. Garner Asset Management Corp purchased a new stake in Hagerty in the first quarter worth $2,909,000. Renaissance Technologies LLC lifted its stake in Hagerty by 21.6% in the fourth quarter. Renaissance Technologies LLC now owns 193,896 shares of the company's stock worth $1,871,000 after acquiring an additional 34,500 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Hagerty by 4.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 142,768 shares of the company's stock worth $1,291,000 after acquiring an additional 5,667 shares during the period. Finally, Garde Capital Inc. lifted its stake in Hagerty by 4.0% in the fourth quarter. Garde Capital Inc. now owns 103,960 shares of the company's stock worth $1,003,000 after acquiring an additional 3,960 shares during the period. Hedge funds and other institutional investors own 20.51% of the company's stock.

Insiders Place Their Bets

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $8.92, for a total value of $73,545,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert I. Kauffman sold 1,455,000 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $8.92, for a total value of $12,978,600.00. Following the completion of the transaction, the director owned 1,721,662 shares of the company's stock, valued at approximately $15,357,225.04. This trade represents a 45.80% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,923,169 shares of company stock valued at $107,280,298. 16.70% of the stock is owned by corporate insiders.

Hagerty Trading Up 1.5%

HGTY stock traded up $0.16 on Friday, reaching $11.19. The company's stock had a trading volume of 104,946 shares, compared to its average volume of 269,862. The business has a fifty day simple moving average of $10.19 and a two-hundred day simple moving average of $9.67. Hagerty, Inc. has a 12-month low of $8.03 and a 12-month high of $12.35. The firm has a market cap of $3.83 billion, a PE ratio of 55.95 and a beta of 0.90. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06.

Hagerty (NYSE:HGTY - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. The business had revenue of $368.70 million during the quarter, compared to the consensus estimate of $347.15 million. Hagerty had a return on equity of 13.76% and a net margin of 4.88%. As a group, research analysts forecast that Hagerty, Inc. will post 0.22 EPS for the current year.

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.