Shares of the Harley-Davidson, Inc. (HOG) stock were increasing in the premarket today on November 1, 2021. HOG stock price saw a push of 7.56% to reach $39.25 a share at the time of this writing. The stock was declining in the previous trade and went down by 1.38% at closing. Let’s take a closer look at this stock and its recent events.
Recently on October 30, 2021, HOG stock responded to the announcement of President Biden and thanked the U.S administration for ending the 232-tariff dispute. Previously in the year 2018, Former President Donald Trump imposed a dispute over U.S. steel and aluminum tariffs. HOG stock considered this step of the government as the big win for the company as it would position the stock as the most desirable motorcycle brand across the globe.
For your intuition, Harley-Davidson, Inc is the manufacturer and seller of the cruiser, custom, and touring motorcycles. The stock is currently operational through two segments i.e., Motorcycles and related products and financial services. The current market cap of this stock is $5.61 billion and 1,470,870 averaging trading volume.
Performance of HOG stock in Q3,2021:
Harley-Davidson showed strong performance in the third quarter of 2021. Consolidated revenue for the HOG stock was 17% higher than the same quarter of the previous year. The increase was mainly due to growth in the Motorcycles segment. Total net income grew by 36% in the third quarter of 2021 as compared to the same tenure of the previous year. Operating income from the financial services segment increased by $15 million in the recently reported quarter from the third quarter of 2020. Cash from operating activities was $926 million in the reported quarter. Gross margin declined by 3 percentage points in the third quarter of 2021 as compared to the same period of the previous year. By the end of the third quarter, HOG stock had $2.1 billion in cash and cash equivalents.
2021 Full Year Outlook of HOG stock:
Harley-Davidson stock projected operating income growth from its financial services segment to be between 95 to 105 percent in the year 2021. The company expects its capital expenditures between $135 million to $150 million for the full year 2021. Motorcycle segment is expected to grow by 30 to 35 percent in 2021.
After facing bearish sentiment in the previous trade, HOG stock is now bullish in the stock market so far. For the past six months, the stock has lost almost 25% however, it has gained approximately 1% year to date.