Robert I. Kauffman Sells 1,455,000 Shares of Hagerty, Inc. (NYSE:HGTY) Stock

Key Points

• Hagerty, Inc. Director Robert I. Kauffman sold 1,455,000 shares of stock at an average price of $8.92, resulting in a total transaction value of approximately $12.98 million.
• Following the sale, Kauffman's ownership of Hagerty stock decreased by 45.80%, leaving him with around 1.72 million shares valued at over $15 million.
• Hagerty's stock was trading up 2.6% on Wednesday, reaching $11.31, with a market capitalization of $3.87 billion and a PE ratio of 56.55.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert I. Kauffman sold 1,455,000 shares of the company's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $8.92, for a total transaction 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. The trade was a 45.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Hagerty Price Performance

Shares of NYSE:HGTY traded up $0.16 during midday trading on Friday, reaching $11.19. 104,946 shares of the company were exchanged, compared to its average volume of 269,862. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27. The business's fifty day moving average is $10.19 and its two-hundred day moving average is $9.67. Hagerty, Inc. has a one year low of $8.03 and a one year high of $12.35. The stock has a market cap of $3.83 billion, a PE ratio of 55.95 and a beta of 0.90.

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

Institutional Investors Weigh In On Hagerty

Several hedge funds and other institutional investors have recently made changes to their positions in the company. IFP Advisors Inc bought a new position in Hagerty during the 2nd quarter worth about $30,000. Ancora Advisors LLC bought a new stake in shares of Hagerty in the 4th quarter valued at about $46,000. BNP Paribas Financial Markets bought a new stake in shares of Hagerty in the 4th quarter valued at about $84,000. Bank of America Corp DE boosted its holdings in shares of Hagerty by 46.6% in the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock valued at $87,000 after buying an additional 2,726 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Hagerty in the 1st quarter valued at about $93,000. Hedge funds and other institutional investors own 20.51% of the company's stock.

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.