Robert I. Kauffman Sells 24,728 Shares of Hagerty, Inc. (NYSE:HGTY) Stock

Key Points

• Director Robert I. Kauffman sold 24,728 shares of Hagerty stock at an average price of $10.77, totaling approximately $266,320, reducing his ownership by 0.77%.
• Hagerty's stock is currently trading at $10.29, with a market capitalization of $3.52 billion and a price-to-earnings ratio of 51.45.
• Recent institutional activity includes Neuberger Berman Group increasing its stake in Hagerty by 15.7%, signifying growing interest from hedge funds and institutional investors.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert I. Kauffman sold 24,728 shares of Hagerty stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $10.77, for a total transaction of $266,320.56. Following the completion of the transaction, the director owned 3,180,662 shares of the company's stock, valued at $34,255,729.74. This trade represents a 0.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Hagerty Stock Down 1.6%

NYSE HGTY traded down $0.16 on Friday, hitting $10.00. 108,428 shares of the stock were exchanged, compared to its average volume of 82,239. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.25. Hagerty, Inc. has a fifty-two week low of $8.03 and a fifty-two week high of $12.35. The company has a market cap of $3.42 billion, a PE ratio of 50.00 and a beta of 0.90. The company has a 50-day moving average price of $9.97 and a 200-day moving average price of $9.60.

Hagerty (NYSE:HGTY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.02 by $0.06. Hagerty had a net margin of 4.73% and a return on equity of 13.55%. The company had revenue of $319.59 million during the quarter, compared to analysts' expectations of $299.92 million. During the same quarter in the previous year, the business posted $0.04 EPS. Sell-side analysts anticipate that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. IFP Advisors Inc acquired a new position in shares of Hagerty in the 2nd quarter valued at $30,000. KLP Kapitalforvaltning AS boosted its holdings in shares of Hagerty by 228.1% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 10,500 shares of the company's stock valued at $106,000 after buying an additional 7,300 shares in the last quarter. Lincoln Capital LLC boosted its holdings in shares of Hagerty by 9.4% in the 2nd quarter. Lincoln Capital LLC now owns 607,309 shares of the company's stock valued at $6,140,000 after buying an additional 52,023 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Hagerty by 24.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 37,383 shares of the company's stock valued at $338,000 after buying an additional 7,459 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in shares of Hagerty by 15.7% in the 1st quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company's stock valued at $49,438,000 after buying an additional 743,597 shares in the last quarter. Institutional investors and hedge funds own 20.51% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. lowered their price target on shares of Hagerty from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th.

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.