Key Points
- Major shareholder Holding Corp. Hagerty sold 1.5 million shares at $14.33 each, for $21.495 million, reducing its position by 13.04% to 10 million shares.
- Hagerty reported quarterly earnings of $0.10 per share and revenue of $354.24 million, exceeding analysts’ estimates for both.
- Analysts’ average rating is Hold, with an average price target of $16.43; the stock opened at $15.76 after a reported 1.7% decline.
Hagerty, Inc. (NYSE:HGTY - Get Free Report) major shareholder Holding Corp. Hagerty sold 1,500,000 shares of Hagerty stock in a transaction on Thursday, November 12th. The shares were sold at an average price of $14.33, for a total value of $21,495,000.00. Following the sale, the insider directly owned 10,000,000 shares in the company, valued at $143,300,000. The trade was a 13.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.
Holding Corp. Hagerty also recently made the following trade(s):
- On Tuesday, November 10th, Holding Corp. Hagerty sold 10,000,000 shares of Hagerty stock. The stock was sold at an average price of $14.33, for a total value of $143,300,000.00.
- 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 Stock Down 1.7%
Hagerty stock opened at $15.76 on Friday. The stock has a market cap of $5.42 billion, a price-to-earnings ratio of 262.78 and a beta of 0.83. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.37. The company's 50-day moving average price is $14.81 and its two-hundred day moving average price is $12.26. Hagerty, Inc. has a 52 week low of $9.36 and a 52 week high of $19.41.
Hagerty (NYSE:HGTY - Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.10 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.09. The company had revenue of $354.24 million for the quarter, compared to the consensus estimate of $338.99 million. Hagerty had a net margin of 1.08% and a return on equity of 6.27%. On average, analysts expect that Hagerty, Inc. will post 0.09 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on HGTY shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Hagerty in a research note on Wednesday, November 4th. Oppenheimer restated an "outperform" rating and issued a $20.00 target price on shares of Hagerty in a research report on Tuesday, November 3rd. Keefe, Bruyette & Woods increased their price target on Hagerty from $15.00 to $16.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Zacks Research cut Hagerty from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 19th. Finally, Truist Financial lifted their price target on Hagerty from $13.00 to $16.00 and gave the company a "hold" rating in a research report on Wednesday, November 4th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Hagerty presently has an average rating of "Hold" and an average price target of $16.43.
Check Out Our Latest Analysis on HGTY
Hedge Funds Weigh In On Hagerty
Hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its holdings in shares of Hagerty by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company's stock worth $2,857,000 after purchasing an additional 89,898 shares in the last quarter. Lincoln Capital LLC lifted its stake in Hagerty by 38.7% during the third quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company's stock valued at $18,209,000 after purchasing an additional 377,158 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Hagerty by 79.2% during the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company's stock worth $1,660,000 after buying an additional 69,700 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Hagerty during the first quarter worth approximately $115,000. Finally, Integrated Wealth Concepts LLC bought a new stake in Hagerty during the second quarter worth approximately $63,000. Institutional investors and hedge funds own 20.51% of the company's stock.
Hagerty Company Profile
(
Get Free Report)
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.
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