Robert I. Kauffman Sells 40,393 Shares of Hagerty, Inc. (NYSE:HGTY) Stock

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert I. Kauffman sold 40,393 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $10.19, for a total value of $411,604.67. Following the transaction, the director owned 3,315,990 shares in the company, valued at approximately $33,789,938.10. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Hagerty Stock Performance

Shares of Hagerty stock traded up $0.32 during trading hours on Thursday, hitting $10.60. 218,111 shares of the company's stock traded hands, compared to its average volume of 70,176. Hagerty, Inc. has a 12-month low of $8.03 and a 12-month high of $12.35. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of 52.98 and a beta of 0.90. The company has a fifty day simple moving average of $9.83 and a 200-day simple moving average of $9.55. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.01 and a quick ratio of 1.01.

Hagerty (NYSE:HGTY - Get Free Report) last announced 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 return on equity of 13.55% and a net margin of 4.73%. 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 firm posted $0.04 EPS. Equities research analysts anticipate that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Hagerty

Several large investors have recently made changes to their positions in HGTY. Neuberger Berman Group LLC increased its position in shares of Hagerty by 15.7% during the 1st quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company's stock valued at $49,438,000 after purchasing an additional 743,597 shares during the last quarter. Garner Asset Management Corp purchased a new stake in Hagerty in the 1st quarter worth about $2,909,000. Greenhaven Road Investment Management L.P. increased its holdings in Hagerty by 10.1% in the 1st quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company's stock worth $12,299,000 after acquiring an additional 124,336 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in Hagerty in the 4th quarter worth about $997,000. Finally, Raymond James Financial Inc. purchased a new stake in Hagerty in the 4th quarter worth about $879,000. 20.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. dropped their price objective on Hagerty from $11.00 to $10.00 and set a "neutral" rating on the stock 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.