Vanguard Group Inc. Sells 30,075 Shares of Hagerty, Inc. $HGTY

Key Points

• Vanguard Group Inc. reduced its stake in Hagerty, Inc. by 1.1%, selling 30,075 shares to own approximately 2,633,193 shares valued at $23.8 million.
• Insider trading activity is notable, with Director Robert I. Kauffman selling 28,736 shares and the major shareholder selling over 1.2 million shares recently.
• Hagerty's stock currently has a consensus rating of "Hold" with an average price target of $12.67, as several analysts have issued new ratings.

Vanguard Group Inc. lowered its stake in Hagerty, Inc. (NYSE:HGTY - Free Report) by 1.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,633,193 shares of the company's stock after selling 30,075 shares during the quarter. Vanguard Group Inc. owned about 0.77% of Hagerty worth $23,804,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Ancora Advisors LLC acquired a new stake in Hagerty during the 4th quarter worth $46,000. BNP Paribas Financial Markets acquired a new stake in Hagerty during the 4th quarter worth $84,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Hagerty during the 1st quarter worth $93,000. Voya Investment Management LLC acquired a new stake in Hagerty during the 4th quarter worth $104,000. Finally, Jane Street Group LLC bought a new position in Hagerty during the 4th quarter worth about $230,000. Institutional investors and hedge funds own 20.51% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on HGTY. Evercore ISI began coverage on Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price objective for the company. Keefe, Bruyette & Woods began coverage on Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price objective for the company. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $12.67.

Hagerty Stock Performance

NYSE:HGTY traded up $0.23 during mid-day trading on Monday, hitting $11.47. The stock had a trading volume of 189,565 shares, compared to its average volume of 278,433. Hagerty, Inc. has a twelve month low of $8.03 and a twelve month high of $12.11. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of 57.35 and a beta of 0.91. The company's 50 day simple moving average is $10.46 and its 200 day simple moving average is $9.74. 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 issued 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 company had revenue of $368.70 million during the quarter, compared to analysts' expectations of $347.15 million. Hagerty had a return on equity of 13.76% and a net margin of 4.88%. Hagerty has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that Hagerty, Inc. will post 0.22 earnings per share for the current year.

Insider Activity at Hagerty

In related news, 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 sale, the director directly owned 1,721,662 shares in the company, valued at $15,357,225.04. This represents a 45.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $8.92, for a total value of $73,545,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,970,904 shares of company stock valued at $107,863,534. Company insiders own 16.70% of the company's stock.

Hagerty 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.