Impala Asset Management LLC, a well-known institutional investor, has significantly reduced its stake in Harley-Davidson, Inc. as of the first quarter of 2023. According to their recent filing with the Securities & Exchange Commission (SEC), Impala Asset Management now owns 300,000 shares of the company’s stock, representing a decrease of 66.0% and resulting in the sale of 583,217 shares during this period. Despite the reduction in ownership, Harley-Davidson still constitutes 9.7% of Impala Asset Management LLC’s investment portfolio, making it their third largest holding. At the end of the reporting period, these shares were valued at $11,391,000.
Harley-Davidson recently reported its quarterly earnings on July 27th, indicating earnings per share of $1.22 for the quarter. This figure fell short of analysts’ consensus estimates by a margin of $0.18 per share ($1.40 expected). The company generated revenue amounting to $1.45 billion in the same quarter compared to an estimated $1.32 billion by analysts. It is worth noting that Harley-Davidson experienced a decline in quarterly revenue to the tune of 1.6% compared to last year’s corresponding period when it earned more significant returns.
Analysts are predicting that Harley-Davidson may post an EPS (earnings per share) value of around 4.58 for the current fiscal year if trends remain consistent.
Numerous equities analysts have published reports regarding Harley-Davidson and its performance within the market space over recent months.
In one such report by Robert W. Baird on July 28th, they raised their price target for Harley-Davidson from $46 to $50 while assigning an “outperform” rating to its stock.
However, UBS Group downgraded their price target recommendation from $49 to $40 and assigned a “neutral” rating on the stock, suggesting that investors should exercise caution moving forward.
Citigroup also decreased their price target from $40 to $37 and designated Harley-Davidson as “neutral.” On September 8th, these analysts expressed their concerns about the company’s prospects.
DA Davidson, meanwhile, upgraded the stock from a “neutral” rating to a “buy” recommendation and raised their price target for Harley-Davidson from $38 to $47. Their stance suggests a more optimistic outlook on the future performance of the company.
Ultimately, Bloomberg.com reports that the average rating for Harley-Davidson stands at “Hold,” with nine analysts covering the stock. The consensus target price for the company is currently estimated to be around $45.43.
Investors and market participants eagerly await further updates on Harley-Davidson’s progress in light of these assessments and evaluations. As we approach year-end, it will be interesting to observe how these predictions align with the market reality.
Bread Financial Holdings, Inc.
Updated on: 02/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Buy
DCF: Strong Buy
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Harley-Davidson, Inc. Attracts Attention from Institutional Investors as Analysts Provide Mixed Outlook
Harley-Davidson, Inc., a renowned American motorcycle manufacturer, has been attracting the attention of large investors in recent months. BlackRock Inc., one of the world’s largest investment management firms, increased its holdings in Harley-Davidson by 1.5% during the first quarter. It now owns over 12 million shares of the company, valued at approximately $501 million.
Jupiter Asset Management Ltd., another prominent investor, also raised its stake in Harley-Davidson by 17.1% during the fourth quarter. The firm now owns more than 5 million shares of the company’s stock, worth around $236 million.
State Street Corp and Thrivent Financial for Lutherans are two more well-known investors that have increased their positions in Harley-Davidson. State Street Corp raised its holdings by 5.6% during the first quarter, while Thrivent Financial for Lutherans lifted its position by 17.3%.
Goldman Sachs Group Inc., a leading global investment banking firm, also joined the group of investors increasing their holdings in Harley-Davidson. The firm has boosted its stake by 11% during the second quarter.
These institutional investors now collectively own an impressive 82.29% of Harley-Davidson’s stock, demonstrating their confidence in the company’s future prospects.
On September 13th, HOG stock opened at $33.49, reflecting a one year low for the company’s shares – $30.85 – as well as a one year high of $51.77. The market capitalization currently stands at $4.75 billion.
Analysts have been closely observing Harley-Davidson and have provided some insight into its performance recently. Robert W Baird upgraded their price target for Harley-Davidson from $46 to $50 and labeled it as an “outperform” stock in their report on July 28th.
UBS Group and Citigroup, however, have lowered their price targets for Harley-Davidson to $40 and $37 respectively. DA Davidson, on the other hand, has upgraded their rating from “neutral” to “buy” and increased its price target from $38 to $47.
Overall, there seems to be a mixed sentiment among analysts regarding Harley-Davidson’s future performance. The average rating for the stock is currently “Hold,” according to Bloomberg data, with a consensus target price of $45.43.
Harley-Davidson also recently announced a quarterly dividend payment of $0.165 per share, which will be paid on September 27th, 2023. Investors who were registered as of September 12th will receive this dividend, representing an annualized dividend yield of 1.97%.
In August, director Rafeh Masood bought 1,302 shares of Harley-Davidson’s stock at an average cost of $38.40 per share. The total transaction amounted to nearly $50,000. Following this purchase, Masood now owns over 2 thousand shares in the company.
These recent developments demonstrate the interest that institutional investors have shown in Harley-Davidson. As the company navigates through challenging market conditions and adapts to changing consumer preferences and technological advancements in transportation, it will be interesting to see how these investments bear fruit in the long run.
Reference Date: September 13th, 2023