Bank of New York Mellon Corp Makes New Investment in Harley-Davidson, Inc. $HOG

Key Points

• Bank of New York Mellon purchased 1.16 million Harley-Davidson shares worth approximately $28.3 million, giving it a 1.10% stake. Institutional investors collectively own 85.1% of the company.
• Analyst sentiment remains mixed: Loop Capital and DA Davidson upgraded the stock to “buy,” while Morgan Stanley maintained an “underweight” rating. The consensus rating is “Hold”, with a $26.78 price target.
• Harley-Davidson beat quarterly expectations with $0.75 in EPS and $1.23 billion in revenue, although revenue declined 5.9% year over year. The stock recently opened at $28.09, within its 12-month range of $17.09 to $31.25.

Bank of New York Mellon Corp purchased a new stake in Harley-Davidson, Inc. (NYSE:HOG - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,158,910 shares of the company's stock, valued at approximately $28,347,000. Bank of New York Mellon Corp owned about 1.10% of Harley-Davidson at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pinnacle Holdings LLC bought a new position in Harley-Davidson during the fourth quarter worth about $30,000. Fifth Third Bancorp raised its stake in Harley-Davidson by 48.9% in the fourth quarter. Fifth Third Bancorp now owns 1,764 shares of the company's stock valued at $36,000 after buying an additional 579 shares during the period. Versant Capital Management Inc lifted its position in shares of Harley-Davidson by 858.2% in the second quarter. Versant Capital Management Inc now owns 1,629 shares of the company's stock valued at $40,000 after buying an additional 1,459 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Harley-Davidson by 153.8% in the first quarter. Geneos Wealth Management Inc. now owns 2,109 shares of the company's stock valued at $53,000 after buying an additional 1,278 shares during the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of Harley-Davidson by 1,758.9% during the 1st quarter. Bessemer Group Inc. now owns 2,937 shares of the company's stock worth $59,000 after acquiring an additional 2,779 shares during the period. Institutional investors own 85.10% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on HOG. Wolfe Research restated an "outperform" rating on shares of Harley-Davidson in a research note on Monday, June 15th. Loop Capital raised shares of Harley-Davidson from a "hold" rating to a "buy" rating and set a $32.00 price objective for the company in a research report on Monday, July 20th. Morgan Stanley upped their price objective on shares of Harley-Davidson from $15.00 to $17.00 and gave the company an "underweight" rating in a report on Tuesday, July 28th. Citigroup increased their price objective on shares of Harley-Davidson from $26.00 to $27.00 and gave the company a "neutral" rating in a research report on Sunday, July 12th. Finally, DA Davidson raised their target price on shares of Harley-Davidson from $30.00 to $33.00 and gave the stock a "buy" rating in a research note on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $26.78.

Harley-Davidson Stock Performance

Shares of NYSE:HOG opened at $28.09 on Friday. Harley-Davidson, Inc. has a 12-month low of $17.09 and a 12-month high of $31.25. The company's 50 day moving average price is $26.15 and its two-hundred day moving average price is $23.43. The firm has a market cap of $2.92 billion, a PE ratio of 17.23, a PEG ratio of 17.35 and a beta of 1.27. The company has a quick ratio of 1.70, a current ratio of 1.90 and a debt-to-equity ratio of 0.36.

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

Insider Buying and Selling

In related news, Director Daniel J. Nova bought 40,000 shares of Harley-Davidson stock in a transaction dated Friday, July 31st. The shares were bought at an average cost of $24.57 per share, with a total value of $982,800.00. Following the acquisition, the director owned 47,605 shares in the company, valued at $1,169,654.85. This trade represents a 525.97% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Jonathan R. Root sold 1,554 shares of the firm's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $24.88, for a total value of $38,663.52. Following the completion of the transaction, the chief financial officer owned 27,846 shares in the company, valued at $692,808.48. The trade was a 5.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have bought 57,500 shares of company stock valued at $1,439,550. 0.97% of the stock is owned by insiders.

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.

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