Insider Selling: Hagerty, Inc. (NYSE:HGTY) Director Sells 24,728 Shares of 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 dated Friday, July 25th. The shares were sold at an average price of $10.77, for a total value of $266,320.56. Following the completion of the transaction, the director owned 3,180,662 shares of the company's stock, valued at approximately $34,255,729.74. This represents a 0.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Hagerty Price Performance

Shares of Hagerty stock traded down $0.10 on Friday, hitting $10.06. 30,035 shares of the company were exchanged, compared to its average volume of 69,431. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of 50.32 and a beta of 0.90. The company has a 50-day moving average price of $9.96 and a 200 day moving average price of $9.60. Hagerty, Inc. has a 1-year low of $8.03 and a 1-year high of $12.35. 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 (NYSE:HGTY - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.06. The business had revenue of $319.59 million for the quarter, compared to analysts' expectations of $299.92 million. Hagerty had a return on equity of 13.55% and a net margin of 4.73%. During the same period in the previous year, the firm posted $0.04 EPS. As a group, sell-side analysts predict that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hagerty

Several large investors have recently bought and sold shares of the business. IFP Advisors Inc acquired a new position in Hagerty in the second quarter valued at $30,000. KLP Kapitalforvaltning AS acquired a new position in Hagerty in the fourth quarter valued at $31,000. Ancora Advisors LLC acquired a new stake in shares of Hagerty during the fourth quarter worth about $46,000. BNP Paribas Financial Markets acquired a new stake in shares of Hagerty during the fourth quarter worth about $84,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Hagerty during the first quarter worth about $93,000. Hedge funds and other institutional investors own 20.51% of the company's stock.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. cut their price target on Hagerty from $11.00 to $10.00 and set a "neutral" rating for the company in a research note 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.