Hagerty (NYSE:HGTY) Director Robert Kauffman Sells 55,524 Shares

Key Points

• Director Robert Kauffman sold 55,524 shares of Hagerty, Inc. at an average price of $12.16, totaling approximately $675,171.84, which resulted in a 5.15% decrease in his ownership.
• Hagerty's stock price dropped by 6.2%, reaching $11.41, with significant trading volume surpassing its average.
• Institutional investors have recently increased their stakes in Hagerty, with Neuberger Berman Group increasing by 15.7% and Greenhaven Road Investment Management by 33.2%.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert Kauffman sold 55,524 shares of the firm's stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $12.16, for a total transaction of $675,171.84. Following the sale, the director owned 1,023,525 shares of the company's stock, valued at approximately $12,446,064. This represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Hagerty Stock Down 6.2%

Shares of NYSE HGTY traded down $0.75 during midday trading on Thursday, hitting $11.41. The stock had a trading volume of 202,279 shares, compared to its average volume of 109,714. The business's 50 day moving average is $11.71 and its 200-day moving average is $10.31. Hagerty, Inc. has a 52 week low of $8.03 and a 52 week high of $13.32. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.27. The company has a market cap of $3.90 billion, a P/E ratio of 57.05 and a beta of 0.92.

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

Wall Street Analysts Forecast Growth

HGTY has been the subject of several research analyst reports. BMO Capital Markets initiated coverage on Hagerty in a report on Monday, September 22nd. They issued a "market perform" rating and a $13.00 price objective for the company. Citigroup initiated coverage on shares of Hagerty in a research note on Wednesday, October 1st. They issued an "outperform" rating for the company. Citizens Jmp began coverage on shares of Hagerty in a research report on Wednesday, October 1st. They set a "mkt outperform" rating and a $15.00 price objective on the stock. Wells Fargo & Company began coverage on shares of Hagerty in a research note on Friday, October 3rd. They set an "equal weight" rating and a $13.00 target price for the company. Finally, Oppenheimer started coverage on Hagerty in a report on Wednesday, September 17th. They set an "outperform" rating and a $15.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Hagerty currently has a consensus rating of "Hold" and an average target price of $13.88.

Hedge Funds Weigh In On Hagerty

Institutional investors and hedge funds have recently bought and sold shares of the stock. Neuberger Berman Group LLC increased its position in Hagerty by 15.7% in the first quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company's stock worth $49,438,000 after buying an additional 743,597 shares in the last quarter. Greenhaven Road Investment Management L.P. grew its stake in shares of Hagerty by 33.2% during the 2nd quarter. Greenhaven Road Investment Management L.P. now owns 1,811,539 shares of the company's stock valued at $18,315,000 after acquiring an additional 451,033 shares during the period. Garner Asset Management Corp purchased a new stake in Hagerty in the 1st quarter worth approximately $2,909,000. Scholtz & Company LLC bought a new stake in Hagerty during the 2nd quarter worth approximately $2,429,000. Finally, Lincoln Capital LLC lifted its holdings in Hagerty by 12.3% during the first quarter. Lincoln Capital LLC now owns 555,286 shares of the company's stock valued at $4,753,000 after purchasing an additional 60,791 shares in the last quarter. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

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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