Algert Global LLC Reduces Stock Holdings in Harley-Davidson, Inc. $HOG

Key Points

• Algert Global LLC reduced its Harley-Davidson stake by 40.1% in the second quarter, selling 245,240 shares and retaining 366,620 shares valued at approximately $9.0 million.
• Other major institutions, including BlackRock and Donald Smith & Co., initiated positions, while overall institutional ownership reached 85.1%. Company insiders also purchased 57,500 shares over the past 90 days.
• Harley-Davidson beat quarterly earnings and revenue expectations, but revenue declined 5.9% year over year. Analysts’ consensus rating remains “Hold,” with an average price target of $26.78 versus the stock’s reported $27.85 price.

Algert Global LLC cut its stake in Harley-Davidson, Inc. (NYSE:HOG - Free Report) by 40.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 366,620 shares of the company's stock after selling 245,240 shares during the quarter. Algert Global LLC owned about 0.35% of Harley-Davidson worth $8,968,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Harley-Davidson during the 2nd quarter valued at $249,395,000. Donald Smith & CO. Inc. purchased a new stake in Harley-Davidson in the second quarter worth about $226,966,000. Boston Partners grew its holdings in Harley-Davidson by 2.1% in the third quarter. Boston Partners now owns 4,021,078 shares of the company's stock worth $112,179,000 after purchasing an additional 84,516 shares during the period. State Street Corp increased its stake in shares of Harley-Davidson by 1.7% during the second quarter. State Street Corp now owns 3,757,709 shares of the company's stock valued at $88,682,000 after purchasing an additional 64,118 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Harley-Davidson by 8.4% during the first quarter. Bank of New York Mellon Corp now owns 2,110,552 shares of the company's stock valued at $42,675,000 after purchasing an additional 163,762 shares in the last quarter. 85.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Harley-Davidson

In other news, Director Daniel J. Nova purchased 40,000 shares of the company's stock in a transaction that occurred on Friday, July 31st. The stock was bought at an average cost of $24.57 per share, with a total value of $982,800.00. Following the completion of the purchase, the director owned 47,605 shares in the company, valued at approximately $1,169,654.85. This represents a 525.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Artie Starrs bought 10,000 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average cost of $25.89 per share, with a total value of $258,900.00. Following the completion of the acquisition, the chief executive officer owned 25,000 shares of the company's stock, valued at $647,250. This represents a 66.67% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 57,500 shares of company stock valued at $1,439,550. 0.97% of the stock is currently owned by insiders.

Harley-Davidson Stock Up 1.3%

Shares of HOG stock opened at $27.85 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.70 and a debt-to-equity ratio of 0.36. Harley-Davidson, Inc. has a 12 month low of $17.09 and a 12 month high of $31.25. The stock has a market cap of $2.90 billion, a P/E ratio of 17.09, a P/E/G ratio of 16.98 and a beta of 1.27. The company has a 50 day simple moving average of $26.06 and a two-hundred day simple moving average of $23.34.

Harley-Davidson (NYSE:HOG - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.10. The business had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.17 billion. Harley-Davidson had a return on equity of 6.28% and a net margin of 4.78%.The business's quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.88 earnings per share. On average, research analysts expect that Harley-Davidson, Inc. will post 0.56 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Griffin Securities set a $33.00 price target on Harley-Davidson in a research note on Monday, August 17th. Robert W. Baird boosted their target price on Harley-Davidson from $28.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Weiss Ratings raised Harley-Davidson from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. UBS Group raised their price target on Harley-Davidson from $19.00 to $26.00 and gave the company a "neutral" rating in a report on Monday, May 11th. Finally, Loop Capital raised Harley-Davidson from a "hold" rating to a "buy" rating and set a $32.00 price target for the company in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $26.78.

Harley-Davidson Profile

Harley-Davidson, Inc is a renowned American motorcycle manufacturer best known for its heavyweight cruiser and touring bikes. Founded in 1903 in Milwaukee, Wisconsin, the company has built a strong reputation for producing distinctive motorcycles characterized by their signature V-twin engines, chrome finishes and robust frames. Harley-Davidson markets its products globally through a network of franchised dealerships and focuses on delivering an immersive brand experience to its customers, emphasizing lifestyle and community alongside its motorcycles.

In addition to its core motorcycle business, Harley-Davidson offers an extensive range of parts, accessories and apparel under its Genuine Motor Parts & Accessories and MotorClothes lines.

Want to see what other hedge funds are holding HOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Harley-Davidson, Inc. (NYSE:HOG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source