Hagerty (NYSE:HGTY) Major Shareholder Holding Corp. Hagerty Sells 10,000,000 Shares of Company Stock

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 transaction of $143,300,000.00. Following the transaction, the insider owned 10,000,000 shares in the company, valued at approximately $143,300,000. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases 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 transaction 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 transaction of $15,914,625.00.
• On Wednesday, September 9th, Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock. The stock was sold at an average price of $11.47, for a total value of $106,097,500.00.

Hagerty Stock Down 1.7%

Hagerty stock opened at $15.76 on Friday. The business has a fifty day moving average of $14.81 and a two-hundred day moving average of $12.26. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.37. The firm has a market cap of $5.42 billion, a P/E ratio of 262.78 and a beta of 0.83. Hagerty, Inc. has a twelve month low of $9.36 and a twelve month high of $19.41.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.09. The business had revenue of $354.24 million for the quarter, compared to the consensus estimate of $338.99 million. Hagerty had a return on equity of 6.27% and a net margin of 1.08%. On average, analysts forecast that Hagerty, Inc. will post 0.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Citizens Jmp lifted their target price on Hagerty from $15.00 to $19.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 4th. Wells Fargo & Company increased their price target on shares of Hagerty from $14.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 4th. Weiss Ratings restated a “hold (c)” rating on shares of Hagerty in a report on Wednesday, November 4th. Zacks Research downgraded shares of Hagerty from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Finally, Oppenheimer reiterated an “outperform” rating and set a $20.00 price objective on shares of Hagerty in a research note on Tuesday, November 3rd. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $16.43.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vise Technologies Inc. acquired a new stake in Hagerty in the third quarter worth about $139,000. E. Ohman J or Asset Management AB increased its holdings in shares of Hagerty by 4.2% during the third quarter. E. Ohman J or Asset Management AB now owns 48,047 shares of the company’s stock valued at $647,000 after acquiring an additional 1,941 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Hagerty during the third quarter valued at about $55,000. Lincoln Capital LLC raised its position in shares of Hagerty by 38.7% in the 3rd 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. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Hagerty in the 2nd quarter valued at approximately $170,000. 20.51% of the stock is owned by institutional investors and hedge funds.

Hagerty Company Profile

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.