Hagerty (NYSE:HGTY) Director Robert Kauffman Sells 21,314 Shares

Key Points

• Robert Kauffman, a director of Hagerty, Inc. (NYSE:HGTY), sold 21,314 shares of stock at an average price of $11.98, totaling approximately $255,341.
• Hagerty's recent quarterly earnings showcased earnings per share of $0.13, exceeding analyst expectations of $0.11, with revenue reaching $368.7 million.
• Several hedge funds have recently increased their stakes in Hagerty, indicating growing institutional interest, with 20.51% of the stock now owned by institutional investors.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert Kauffman sold 21,314 shares of the firm's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $11.98, for a total transaction of $255,341.72. Following the sale, the director directly owned 1,111,563 shares of the company's stock, valued at approximately $13,316,524.74. The trade was a 1.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Hagerty Price Performance

Shares of NYSE HGTY traded up $0.09 during mid-day trading on Monday, hitting $12.08. 67,311 shares of the stock were exchanged, compared to its average volume of 110,185. The company has a market cap of $4.13 billion, a P/E ratio of 60.38 and a beta of 0.92. The stock's fifty day simple moving average is $11.48 and its two-hundred day simple moving average is $10.17. 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, Inc. has a twelve month low of $8.03 and a twelve month high of $13.32.

Hagerty (NYSE:HGTY - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $368.70 million during the quarter, compared to analyst estimates of $347.15 million. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. Hagerty has set its FY 2025 guidance at EPS. As a group, analysts forecast that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Hagerty

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its stake in Hagerty by 46.6% in the second quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock valued at $87,000 after acquiring an additional 2,726 shares during the last quarter. IFP Advisors Inc bought a new position in Hagerty in the second quarter valued at approximately $30,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Hagerty by 7.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,205 shares of the company's stock valued at $620,000 after acquiring an additional 4,575 shares during the last quarter. Osaic Holdings Inc. boosted its stake in Hagerty by 2,374.5% in the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock valued at $50,000 after acquiring an additional 4,749 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake 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 acquiring an additional 5,077 shares during the last quarter. 20.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on HGTY. Citizens Jmp began coverage on shares of Hagerty in a research note on Wednesday, October 1st. They set a "mkt outperform" rating and a $15.00 price target on the stock. Keefe, Bruyette & Woods began coverage on shares of Hagerty in a research note on Wednesday, August 27th. They set an "outperform" rating and a $14.00 price target on the stock. Evercore ISI began coverage on shares of Hagerty in a research note on Wednesday, August 27th. They set an "outperform" rating and a $14.00 price target on the stock. Citigroup began coverage on shares of Hagerty in a research note on Wednesday, October 1st. They set an "outperform" rating on the stock. Finally, BMO Capital Markets began coverage on shares of Hagerty in a research note on Monday, September 22nd. They set a "market perform" rating and a $13.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $13.63.

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.

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