Hagerty (NYSE:HGTY) Major Shareholder Holding Corp. Hagerty Sells 10,000,000 Shares of Stock

Key Points

• Major shareholder Holding Corp. Hagerty sold 10 million shares at an average $14.33 each, for $143.3 million, reducing its position by 50% to 10 million shares.
• Hagerty’s latest quarterly results beat expectations: earnings were $0.10 per share versus $0.01 forecast, and revenue was $354.24 million versus $338.99 million expected.
• Analysts’ consensus rating is Hold, with an average price target of $16.43; Hagerty shares fell 1.7% in Thursday trading.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) major shareholder Holding Corp. Hagerty sold 10,000,000 shares of the firm's stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $14.33, for a total transaction of $143,300,000.00. Following the transaction, the insider directly owned 10,000,000 shares in the company, valued at approximately $143,300,000. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Holding Corp. Hagerty also recently made the following trade(s):

• On Thursday, November 12th, Holding Corp. Hagerty sold 1,500,000 shares of Hagerty stock. The stock was sold at an average price of $14.33, for a total transaction of $21,495,000.00.
• On Friday, September 11th, Holding Corp. Hagerty sold 1,387,500 shares of Hagerty stock. The stock was sold at an average price of $11.47, for a total transaction of $15,914,625.00.
• On Wednesday, September 9th, Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock. The shares were sold at an average price of $11.47, for a total value of $106,097,500.00.

Hagerty Stock Down 1.7%

Shares of NYSE:HGTY traded down $0.28 on Thursday, reaching $15.76. The company had a trading volume of 2,009,583 shares, compared to its average volume of 290,833. Hagerty, Inc. has a twelve month low of $9.36 and a twelve month high of $19.41. The stock has a 50-day moving average price of $14.76 and a 200 day moving average price of $12.25. The stock has a market capitalization of $5.42 billion, a P/E ratio of 262.78 and a beta of 0.83. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.37.

Hagerty (NYSE:HGTY - Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.09. The company had revenue of $354.24 million during the quarter, compared to the consensus estimate of $338.99 million. Hagerty had a return on equity of 6.27% and a net margin of 1.08%. On average, equities analysts expect that Hagerty, Inc. will post 0.09 EPS for the current year.

Hedge Funds Weigh In On Hagerty

Several large investors have recently made changes to their positions in HGTY. Lincoln Capital LLC boosted its stake in Hagerty by 38.7% during the 3rd quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company's stock valued at $18,209,000 after purchasing an additional 377,158 shares during the period. Dimensional Fund Advisors LP increased its position in Hagerty by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company's stock worth $2,857,000 after buying an additional 89,898 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Hagerty by 79.2% during the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company's stock worth $1,660,000 after buying an additional 69,700 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of Hagerty during the first quarter worth approximately $115,000. Finally, State of Alaska Department of Revenue acquired a new position in shares of Hagerty during the third quarter worth approximately $55,000. Institutional investors and hedge funds own 20.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on HGTY shares. Oppenheimer reaffirmed an "outperform" rating and set a $20.00 target price on shares of Hagerty in a research report on Tuesday, November 3rd. Zacks Research cut shares of Hagerty from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 19th. Weiss Ratings restated a "hold (c)" rating on shares of Hagerty in a research note on Wednesday, November 4th. Citizens Jmp upped their price objective on shares of Hagerty from $15.00 to $19.00 and gave the stock a "market outperform" rating in a report on Wednesday, November 4th. Finally, Truist Financial raised their target price on shares of Hagerty from $13.00 to $16.00 and gave the company a "hold" rating in a research note on Wednesday, November 4th. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $16.43.

About Hagerty

Hagerty is an automotive enthusiast company focused on collectible and classic vehicles. Its services include specialty vehicle insurance, membership programs, vehicle valuation tools, and online marketplaces that connect buyers and sellers. The company also produces automotive media and hosts events and driving experiences for enthusiasts. Hagerty serves customers in the United States and select international markets, including Canada and the United Kingdom. Founded in 1984 as a family business, Hagerty is headquartered in Traverse City, Michigan.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.