Hagerty (NYSE:HGTY) Stock: Insider Holding Corp. Hagerty Sells 10,000,000 Shares

Hagerty, Inc. (NYSE:HGTY) major shareholder Holding Corp. Hagerty sold 10,000,000 shares of the stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $14.33, for a total value of $143,300,000.00. Following the transaction, the insider owned 10,000,000 shares of the company’s stock, valued at $143,300,000. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Holding Corp. Hagerty also recently made the following trade(s):

• On Thursday, November 12th, Holding Corp. Hagerty sold 1,500,000 shares of Hagerty stock. The shares were sold at an average price of $14.33, for a total value of $21,495,000.00.
• On Friday, September 11th, Holding Corp. Hagerty sold 1,387,500 shares of Hagerty stock. The stock was sold at an average price of $11.47, for a total value of $15,914,625.00.
• On Wednesday, September 9th, Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock. The shares were sold at an average price of $11.47, for a total transaction of $106,097,500.00.

Hagerty Trading Up 2.5%

NYSE HGTY opened at $16.19 on Friday. Hagerty, Inc. has a one year low of $9.36 and a one year high of $19.41. The firm has a market cap of $5.56 billion, a PE ratio of 269.84 and a beta of 0.83. The firm’s fifty day moving average is $14.87 and its two-hundred day moving average is $12.28. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.59 and a current ratio of 1.59.

Hagerty (NYSE:HGTY) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.09. Hagerty had a net margin of 1.08% and a return on equity of 6.27%. The firm had revenue of $354.24 million for the quarter, compared to the consensus estimate of $338.99 million. Analysts expect that Hagerty, Inc. will post 0.09 earnings per share for the current year.

Institutional Investors Weigh In On Hagerty

Several institutional investors and hedge funds have recently made changes to their positions in HGTY. Ancora Advisors LLC acquired a new stake in Hagerty during the 2nd quarter valued at approximately $28,000. EverSource Wealth Advisors LLC boosted its position in shares of Hagerty by 107.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock valued at $32,000 after acquiring an additional 1,591 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Hagerty in the 3rd quarter worth approximately $55,000. Integrated Wealth Concepts LLC bought a new position in Hagerty in the 2nd quarter worth approximately $63,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Hagerty in the first quarter valued at about $115,000. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on HGTY. Wells Fargo & Company upped their price objective on Hagerty from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 4th. Zacks Research lowered Hagerty from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Citizens Jmp lifted their price target on Hagerty from $15.00 to $19.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 4th. Keefe, Bruyette & Woods boosted their price objective on Hagerty from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $20.00 target price on shares of Hagerty in a report on Tuesday, November 3rd. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $16.43.

About Hagerty

Hagerty is an automotive enthusiast company focused on collectible and classic vehicles. Its services include specialty vehicle insurance, membership programs, vehicle valuation tools, and online marketplaces that connect buyers and sellers. The company also produces automotive media and hosts events and driving experiences for enthusiasts. Hagerty serves customers in the United States and select international markets, including Canada and the United Kingdom. Founded in 1984 as a family business, Hagerty is headquartered in Traverse City, Michigan.