Hagerty, Inc. $HGTY Stock Acquired by Lincoln Capital LLC

Lincoln Capital LLC grew its stake in shares of Hagerty, Inc. (NYSE:HGTY) by 38.7% during the third quarter, Holdings Channel reports. The institutional investor owned 1,350,809 shares of the company’s stock after purchasing an additional 377,158 shares during the quarter. Hagerty comprises 3.2% of Lincoln Capital LLC’s portfolio, making the stock its 10th biggest holding. Lincoln Capital LLC’s holdings in Hagerty were worth $18,209,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of HGTY. Dimensional Fund Advisors LP lifted its holdings in Hagerty by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock valued at $2,857,000 after purchasing an additional 89,898 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Hagerty by 79.2% in the 1st quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock worth $1,660,000 after purchasing an additional 69,700 shares during the period. Bristlecone Value Partners LLC purchased a new position in shares of Hagerty during the 4th quarter worth about $779,000. E. Ohman J or Asset Management AB bought a new stake in shares of Hagerty during the first quarter worth $481,000. Finally, Dockside LLC bought a new position in Hagerty in the 4th quarter worth about $257,000. 20.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Truist Financial boosted their target price on Hagerty from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. raised their target price on Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Weiss Ratings raised Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Zacks Research upgraded Hagerty from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 13th. Finally, Wells Fargo & Company lifted their price target on Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $13.80.

Insider Buying and Selling

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $11.47, for a total value of $106,097,500.00. Following the sale, the insider directly owned 9,250,000 shares of the company’s stock, valued at $106,097,500. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.70% of the stock is currently owned by insiders.

Hagerty Trading Up 0.1%

NYSE:HGTY traded up $0.02 on Friday, hitting $14.22. 219,551 shares of the stock were exchanged, compared to its average volume of 220,295. The stock has a market cap of $4.88 billion, a PE ratio of 157.96 and a beta of 0.83. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. Hagerty, Inc. has a fifty-two week low of $9.36 and a fifty-two week high of $14.36. The stock has a fifty day moving average of $13.32 and a 200-day moving average of $11.82.

Hagerty (NYSE:HGTY) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.07. The company had revenue of $354.82 million during the quarter, compared to the consensus estimate of $316.21 million. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. As a group, equities analysts expect that Hagerty, Inc. will post 0.01 earnings per share for the current fiscal year.

About Hagerty

Hagerty, Inc (NYSE: HGTY) is an automotive enthusiast company focused on protecting, valuing and celebrating collectible vehicles. Its primary business is specialty insurance for classic, vintage, exotic and other enthusiast vehicles, supported by coverage options and services designed for vehicles that may be driven less frequently or require specialized valuation.

The company also provides vehicle valuation tools, automotive media and content, membership programs, events, and enthusiast experiences.