Greenhaven Road Investment Management L.P. Has $35.17 Million Stake in Hagerty, Inc. $HGTY

Greenhaven Road Investment Management L.P. cut its stake in shares of Hagerty, Inc. (NYSE:HGTY) by 1.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,616,654 shares of the company’s stock after selling 48,130 shares during the quarter. Hagerty makes up 5.9% of Greenhaven Road Investment Management L.P.’s portfolio, making the stock its largest holding. Greenhaven Road Investment Management L.P. owned about 0.76% of Hagerty worth $35,168,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in HGTY. Neuberger Berman Group LLC grew its holdings in shares of Hagerty by 44.8% during the third quarter. Neuberger Berman Group LLC now owns 8,047,786 shares of the company’s stock valued at $96,895,000 after purchasing an additional 2,490,359 shares during the last quarter. Vanguard Group Inc. grew its holdings in Hagerty by 32.3% in the 3rd quarter. Vanguard Group Inc. now owns 3,456,174 shares of the company’s stock worth $41,612,000 after buying an additional 843,433 shares in the last quarter. Polar Capital Holdings Plc grew its holdings in Hagerty by 9.4% in the 3rd quarter. Polar Capital Holdings Plc now owns 5,817,416 shares of the company’s stock worth $70,042,000 after buying an additional 498,389 shares in the last quarter. Garner Asset Management Corp bought a new position in Hagerty in the 3rd quarter worth approximately $3,393,000. Finally, Woodline Partners LP bought a new position in Hagerty in the 3rd quarter worth approximately $3,339,000. 20.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on HGTY shares. Weiss Ratings lowered Hagerty from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, June 3rd. UBS Group set a $14.00 price objective on Hagerty in a report on Wednesday. Truist Financial decreased their price objective on Hagerty from $13.00 to $11.00 and set a “hold” rating for the company in a report on Monday, May 11th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Hagerty in a report on Wednesday. Finally, Wells Fargo & Company decreased their price objective on Hagerty from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.44.

Hagerty Stock Performance

HGTY opened at $10.88 on Friday. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of 54.42 and a beta of 0.82. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.65 and a quick ratio of 1.65. Hagerty, Inc. has a 1-year low of $8.81 and a 1-year high of $14.00. The business has a 50 day moving average price of $10.59 and a two-hundred day moving average price of $11.60.

Hagerty (NYSE:HGTY) last released its earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.05). The firm had revenue of $311.83 million during the quarter, compared to analyst estimates of $284.88 million. Hagerty had a return on equity of 11.94% and a net margin of 5.11%. Research analysts predict that Hagerty, Inc. will post -0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Hagerty news, Director Laurie Harris sold 5,531 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $11.01, for a total value of $60,896.31. Following the completion of the sale, the director directly owned 36,689 shares in the company, valued at $403,945.89. This represents a 13.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 16.70% of the stock is owned by company insiders.

Hagerty Profile

Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists.

Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand.