Robert I. Kauffman Sells 4,000 Shares of Hagerty, Inc. (NYSE:HGTY) 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 company'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 transaction, the director owned 3,176,662 shares in the company, valued at approximately $34,466,782.70. The trade was a 0.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Hagerty Stock Performance

Shares of NYSE HGTY traded down $0.10 during midday trading on Friday, hitting $10.06. 30,035 shares of the company's stock traded hands, compared to its average volume of 69,431. Hagerty, Inc. has a 1 year low of $8.03 and a 1 year high of $12.35. 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 debt-to-equity ratio of 0.25, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a fifty day moving average of $9.96 and a 200 day moving average of $9.60.

Hagerty (NYSE:HGTY - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.02 by $0.06. The firm had revenue of $319.59 million during the quarter, compared to analyst estimates of $299.92 million. Hagerty had a net margin of 4.73% and a return on equity of 13.55%. During the same quarter in the prior year, the firm earned $0.04 EPS. On average, analysts forecast 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 added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in Hagerty in the 4th quarter worth approximately $879,000. Swiss National Bank boosted its stake in Hagerty by 6.0% in the 4th quarter. Swiss National Bank now owns 53,000 shares of the company's stock worth $511,000 after purchasing an additional 3,000 shares during the period. KLP Kapitalforvaltning AS bought a new position in Hagerty in the 4th quarter worth approximately $31,000. JPMorgan Chase & Co. boosted its stake in Hagerty by 2,185.4% in the 4th quarter. JPMorgan Chase & Co. now owns 29,139 shares of the company's stock worth $281,000 after purchasing an additional 27,864 shares during the period. Finally, Trexquant Investment LP boosted its stake in Hagerty by 100.5% in the 4th quarter. Trexquant Investment LP now owns 97,257 shares of the company's stock worth $939,000 after purchasing an additional 48,742 shares during the period. 20.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. dropped their price target on shares of Hagerty from $11.00 to $10.00 and set a "neutral" rating on the stock in a research note 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.