Insider Selling: Hagerty, Inc. (NYSE:HGTY) Director Sells 4,000 Shares of Stock

Key Points

• Robert I. Kauffman, a director of Hagerty, Inc., sold 4,000 shares of the company at an average price of $10.85, totaling $43,400, which decreased his ownership to 3,176,662 shares.
• Hagerty's stock traded down to $10.29, with a market cap of $3.52 billion, while the company's 1-year range showed a low of $8.03 and a high of $12.35.
• Hedge funds and institutional investors have started adjusting their positions in Hagerty, with notable acquisitions from firms such as Raymond James Financial and Legal & General Group.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert I. Kauffman sold 4,000 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $10.85, for a total transaction of $43,400.00. Following the completion of the sale, the director owned 3,176,662 shares of the company's stock, valued at $34,466,782.70. This trade represents a 0.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Hagerty Stock Down 1.6%

Shares of HGTY stock traded down $0.16 during trading hours on Friday, hitting $10.00. 108,428 shares of the company's stock traded hands, compared to its average volume of 82,239. The stock's fifty day simple moving average is $9.97 and its two-hundred day simple moving average is $9.60. Hagerty, Inc. has a 12-month low of $8.03 and a 12-month high of $12.35. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 50.00 and a beta of 0.90. 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 released its earnings results on Wednesday, May 7th. The company reported $0.08 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $319.59 million during the quarter, compared to analyst estimates of $299.92 million. During the same period last year, the business earned $0.04 earnings per share. On average, analysts expect that Hagerty, Inc. will post 0.22 EPS for the current year.

Hedge Funds Weigh In On Hagerty

Large investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new position in Hagerty in the 4th quarter worth approximately $879,000. Legal & General Group Plc raised its holdings in Hagerty by 48.6% in the 4th quarter. Legal & General Group Plc now owns 25,148 shares of the company's stock worth $243,000 after acquiring an additional 8,226 shares during the last quarter. Jane Street Group LLC purchased a new position in Hagerty in the 4th quarter worth approximately $230,000. XTX Topco Ltd purchased a new position in Hagerty in the 4th quarter worth approximately $119,000. Finally, Voya Investment Management LLC purchased a new position in Hagerty in the 4th quarter worth approximately $104,000. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. lowered their price objective 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.

About Hagerty

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.