Norges Bank Purchases New Stake in Harley-Davidson, Inc. $HOG

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Harley-Davidson, buying 1,257,507 shares valued at about $25.8 million and ending with roughly 1.06% ownership of the company.
• Harley-Davidson’s stock was up 2.5% to $25.53, with the company carrying a market cap of $2.69 billion and trading near its 50-day and 200-day moving averages.
• The company reported mixed quarterly results: EPS of $0.22 missed estimates, while revenue of $1.17 billion beat forecasts; Harley also declared a quarterly dividend of $0.1875 per share, yielding about 2.9%.

Norges Bank purchased a new stake in shares of Harley-Davidson, Inc. (NYSE:HOG - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,257,507 shares of the company's stock, valued at approximately $25,766,000. Norges Bank owned approximately 1.06% of Harley-Davidson at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in HOG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Harley-Davidson by 62.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,436 shares of the company's stock worth $2,183,000 after acquiring an additional 33,097 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Harley-Davidson by 18.3% in the 1st quarter. Empowered Funds LLC now owns 17,560 shares of the company's stock worth $443,000 after acquiring an additional 2,712 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Harley-Davidson by 153.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,109 shares of the company's stock valued at $53,000 after acquiring an additional 1,278 shares in the last quarter. Federated Hermes Inc. lifted its position in Harley-Davidson by 32.8% in the 2nd quarter. Federated Hermes Inc. now owns 16,076 shares of the company's stock valued at $379,000 after acquiring an additional 3,967 shares in the last quarter. Finally, California Public Employees Retirement System boosted its stake in Harley-Davidson by 12.0% during the 2nd quarter. California Public Employees Retirement System now owns 204,156 shares of the company's stock valued at $4,818,000 after purchasing an additional 21,913 shares during the last quarter. 85.10% of the stock is owned by institutional investors.

Harley-Davidson Stock Up 2.5%

Shares of NYSE:HOG opened at $25.53 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.91 and a quick ratio of 1.66. The company has a market capitalization of $2.69 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 15.12 and a beta of 1.26. Harley-Davidson, Inc. has a 1 year low of $17.09 and a 1 year high of $31.25. The business has a fifty day moving average price of $23.47 and a two-hundred day moving average price of $21.56.

Harley-Davidson (NYSE:HOG - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.12). The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.01 billion. Harley-Davidson had a net margin of 5.68% and a return on equity of 7.03%. The company's revenue was down 11.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.07 earnings per share. Analysts forecast that Harley-Davidson, Inc. will post 0.39 earnings per share for the current year.

Harley-Davidson Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Monday, June 8th will be given a $0.1875 dividend. The ex-dividend date of this dividend is Monday, June 8th. This represents a $0.75 annualized dividend and a dividend yield of 2.9%. Harley-Davidson's payout ratio is 42.61%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on HOG. Zacks Research raised Harley-Davidson from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Wells Fargo & Company lifted their target price on Harley-Davidson from $15.00 to $19.00 and gave the company an "underweight" rating in a research report on Wednesday, May 6th. BMO Capital Markets reiterated an "outperform" rating and set a $24.00 price target on shares of Harley-Davidson in a report on Wednesday, February 11th. Morgan Stanley increased their price target on Harley-Davidson from $12.00 to $15.00 and gave the company an "underweight" rating in a research report on Tuesday, May 19th. Finally, Robert W. Baird set a $28.00 price objective on Harley-Davidson in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $24.22.

Insider Buying and Selling

In related news, insider Paul J. Krause sold 1,564 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $26.00, for a total transaction of $40,664.00. Following the sale, the insider directly owned 30,012 shares in the company, valued at approximately $780,312. This represents a 4.95% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jonathan R. Root sold 1,554 shares of the business's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $24.21, for a total transaction of $37,622.34. Following the sale, the chief financial officer directly owned 32,508 shares in the company, valued at $787,018.68. The trade was a 4.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.97% of the company's stock.

Harley-Davidson Company 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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