Hagerty (NYSE:HGTY) Reaches New 12-Month High on Strong Earnings

Hagerty, Inc. (NYSE:HGTY) shares hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $16.70 and last traded at $16.6480, with a volume of 20,213 shares trading hands. The stock had previously closed at $15.89.

The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.09. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. The firm had revenue of $354.24 million for the quarter, compared to the consensus estimate of $338.99 million.

Analysts Set New Price Targets

Several brokerages have commented on HGTY. Keefe, Bruyette & Woods raised their price target on shares of Hagerty from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Weiss Ratings raised shares of Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Truist Financial increased their price objective on Hagerty from $11.00 to $13.00 and gave the stock a “hold” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. increased their price objective on Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Finally, Wells Fargo & Company lifted their price objective on Hagerty from $11.00 to $13.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Hagerty has a consensus rating of “Hold” and a consensus price target of $13.80.

Insider Buying and Selling at Hagerty

In related news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $11.47, for a total value of $106,097,500.00. Following the transaction, the insider directly owned 9,250,000 shares in the company, valued at approximately $106,097,500. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Hagerty

Several hedge funds have recently bought and sold shares of the stock. Lincoln Capital LLC increased its holdings 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 worth $18,209,000 after buying an additional 377,158 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Hagerty by 49.5% during the 1st 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 in the last quarter. Renaissance Technologies LLC raised its position in shares of Hagerty by 79.2% during the 1st 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 in the last quarter. Waverly Advisors LLC purchased a new stake in shares of Hagerty during the 2nd quarter valued at $179,000. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of Hagerty during the 2nd quarter worth $170,000. 20.51% of the stock is currently owned by institutional investors.

Hagerty Price Performance

The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $5.77 billion, a P/E ratio of 186.50 and a beta of 0.83. The business’s fifty day moving average price is $14.18 and its 200-day moving average price is $12.08.

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.