Hagerty (NYSE:HGTY) Stock Rating Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Hagerty (NYSE:HGTY) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks reports.

Several other equities research analysts also recently issued reports on the stock. Wall Street Zen upgraded shares of Hagerty from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. JPMorgan Chase & Co. upped their target price on Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Weiss Ratings raised Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Wells Fargo & Company increased their target price on Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Finally, Keefe, Bruyette & Woods lifted their price target on Hagerty from $15.00 to $16.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $13.80.

Hagerty Stock Performance

NYSE HGTY opened at $15.48 on Monday. The stock has a market cap of $5.32 billion, a PE ratio of 172.06 and a beta of 0.83. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.53 and a current ratio of 1.53. The firm has a 50-day moving average of $13.70 and a 200-day moving average of $12.07. Hagerty has a 52-week low of $9.36 and a 52-week high of $15.79.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.07. The business had revenue of $354.82 million for the quarter, compared to analyst estimates of $316.21 million. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. On average, sell-side analysts anticipate that Hagerty will post 0.01 EPS for the current year.

Insider Transactions at Hagerty

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $11.47, for a total value of $15,914,625.00. Following the completion of the sale, the insider owned 9,250,000 shares of the company’s stock, valued at $106,097,500. The trade was a 13.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Lincoln Capital LLC raised its position in shares of Hagerty by 38.7% in the third quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company’s stock valued at $18,209,000 after buying an additional 377,158 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Hagerty by 49.5% in the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock valued at $2,857,000 after buying an additional 89,898 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Hagerty by 79.2% in the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock valued at $1,660,000 after buying an additional 69,700 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Hagerty by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock valued at $418,000 after buying an additional 1,209 shares during the period. Finally, Waverly Advisors LLC acquired a new stake in Hagerty during the second quarter worth approximately $179,000. 20.51% of the stock is owned by institutional investors.

Hagerty Company Profile

Hagerty, Inc is an automotive lifestyle and insurance company focused on enthusiasts and owners of classic, collector and specialty vehicles. The company provides insurance brokerage and related services designed for collector vehicles, with coverage generally underwritten by third-party insurance carriers.

In addition to insurance, Hagerty offers vehicle valuation and pricing information, membership programs, editorial content, events and enthusiast-focused digital services. Its offerings include Hagerty Drivers Club, Hagerty Valuations and Hagerty Marketplace, which connects buyers and sellers of collectible vehicles.