Millennium Management LLC Has $413,000 Stake in Hagerty, Inc. (NYSE:HGTY)

Millennium Management LLC trimmed its position in shares of Hagerty, Inc. (NYSE:HGTY) by 62.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,849 shares of the company’s stock after selling 69,777 shares during the period. Millennium Management LLC’s holdings in Hagerty were worth $413,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Pembroke Management LTD acquired a new position in shares of Hagerty in the fourth quarter valued at $9,201,000. Neuberger Berman Group LLC increased its holdings in shares of Hagerty by 11.4% in the fourth quarter. Neuberger Berman Group LLC now owns 4,725,196 shares of the company’s stock valued at $45,598,000 after purchasing an additional 483,324 shares during the last quarter. Markel Group Inc. increased its holdings in shares of Hagerty by 3.6% in the fourth quarter. Markel Group Inc. now owns 3,108,000 shares of the company’s stock valued at $29,992,000 after purchasing an additional 108,000 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of Hagerty in the fourth quarter valued at $997,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Hagerty in the fourth quarter valued at $879,000. 20.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. decreased their price objective on shares of Hagerty from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th.

Hagerty Trading Down 2.5%

HGTY stock opened at $9.77 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.01 and a current ratio of 1.01. The company’s 50-day simple moving average is $9.15 and its 200 day simple moving average is $9.73. Hagerty, Inc. has a 52 week low of $8.03 and a 52 week high of $12.35. The company has a market capitalization of $3.34 billion, a PE ratio of 88.82 and a beta of 0.91.

Hagerty (NYSE:HGTY) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.02 by $0.06. Hagerty had a net margin of 5.27% and a return on equity of 12.06%. The business had revenue of $319.59 million for the quarter, compared to the consensus estimate of $299.92 million. During the same period in the prior year, the company posted $0.04 earnings per share. As a group, sell-side analysts anticipate that Hagerty, Inc. will post 0.22 earnings per share for the current year.

Insider Activity at Hagerty

In other Hagerty news, Director Robert I. Kauffman sold 15,823 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $10.08, for a total transaction of $159,495.84. Following the sale, the director now directly owns 3,851,869 shares in the company, valued at $38,826,839.52. This represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Laurie Harris sold 3,934 shares of the stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $8.41, for a total transaction of $33,084.94. Following the sale, the director now owns 30,349 shares in the company, valued at $255,235.09. The trade was a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 190,929 shares of company stock worth $1,830,758. Corporate insiders own 17.90% of the company’s stock.

About Hagerty

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.