Fenimore Asset Management Inc Lowers Stake in Hagerty, Inc. (NYSE:HGTY)

Fenimore Asset Management Inc cut its stake in Hagerty, Inc. (NYSE:HGTY) by 0.5% in the 4th quarter, Holdings Channel reports. The fund owned 950,522 shares of the company’s stock after selling 4,854 shares during the quarter. Fenimore Asset Management Inc’s holdings in Hagerty were worth $9,173,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Hagerty by 376.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,143 shares of the company’s stock worth $988,000 after purchasing an additional 76,740 shares during the last quarter. Barclays PLC increased its position in shares of Hagerty by 23.0% during the 3rd quarter. Barclays PLC now owns 31,675 shares of the company’s stock valued at $321,000 after purchasing an additional 5,932 shares during the last quarter. Lincoln Capital LLC raised its holdings in shares of Hagerty by 6.7% during the 4th quarter. Lincoln Capital LLC now owns 494,495 shares of the company’s stock valued at $4,772,000 after buying an additional 31,068 shares in the last quarter. FMR LLC lifted its position in Hagerty by 25,769.2% in the 3rd quarter. FMR LLC now owns 6,726 shares of the company’s stock worth $68,000 after buying an additional 6,700 shares during the last quarter. Finally, Algert Global LLC purchased a new stake in Hagerty in the second quarter worth approximately $108,000. Institutional investors own 20.51% of the company’s stock.

Analysts Set New Price Targets

Separately, Raymond James downgraded shares of Hagerty from a “market perform” rating to an “underperform” rating in a research note on Thursday, December 26th.

Hagerty Stock Performance

NYSE HGTY opened at $9.79 on Friday. The company has a 50-day simple moving average of $10.49 and a two-hundred day simple moving average of $10.82. Hagerty, Inc. has a 12-month low of $7.82 and a 12-month high of $12.35. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 89.02 and a beta of 0.86. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.23.

Hagerty (NYSE:HGTY) last released its earnings results on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). Hagerty had a net margin of 5.27% and a return on equity of 12.06%. The company had revenue of $323.37 million during the quarter, compared to the consensus estimate of $318.07 million. During the same period last year, the firm posted $0.05 EPS. On average, equities analysts forecast that Hagerty, Inc. will post 0.22 EPS for the current year.

Insider Activity

In other news, Director Robert I. Kauffman sold 67,590 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $11.17, for a total transaction of $754,980.30. Following the completion of the sale, the director now directly owns 4,832,126 shares in the company, valued at approximately $53,974,847.42. This represents a 1.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 280,907 shares of company stock valued at $3,042,875. 17.90% of the stock is currently owned by company insiders.

Hagerty Profile

Hagerty, Inc provides insurance agency services worldwide. It offers motor vehicle and boat insurance products; and reinsurance products. The company provides Hagerty Media, which publishes contents through the Hagerty Drivers Club Magazine (HDC), video content, and social media channels; HDC that offers subscription based products and services, including HDC Magazine, automotive enthusiast events, proprietary vehicle valuation tools, emergency roadside services, and special vehicle-related discounts.