American Motorcycle Dealer AMD 186 January 2015 | Page 16

Harley share price still not
responding to performance?
Year

Quarter

Dividend

Share price

2014

December 2014
September 2014
May 2014
February 2014
December 2013
September 2013
May 2013
February 2013
December 2012
September 2012
May 2012
February 2012
December 2011
September 2011
May 2011
February 2011
December 2010
September 2010
June 2010
February 2010
December 2009
September 2009
June 2009
March 2009
December 2008
September 2008
June 2008
March 2008
December 2007
September 2007
June 2007
March 2007
December 2006
September 2006
June 2006
March 2006
December 2005
September 2005
June 2005
March 2005

0.275
0.275
0.275
0.275
0.21
0.21
0.21
0.21
0.155
0.155
0.155
0.155
0.125
0.125
0.125
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.33
0.33
0.33
0.3
0.3
0.3
0.25
0.21
0.21
0.21
0.21
0.18
0.18
0.16
0.16
0.125

68.78
63.50
71.04
64.94
67.51
63.30
56.35
53.45
47.83
41.93
48.49
46.05
36.69
35.71
37.16
42.12
34.50
28.34
29.18
24.43
25.59
23.53
19.04
9.26
16.94
37.93
39.99
37.07
46.30
46.44
59.73
65.01
70.46
62.75
49.00
51.10
53.08
46.90
49.25
61.70

2013

2012

2011

This 10 year monitor of Harley stock price movements takes their quarterly
dividend dates as the share price point

WITH rumors continuing to
circulate concerning HarleyDavidson's vulnerability to
possible hostile bid activity,
the company continues to
try to "work" its investor
community by maintaining
its highest quarterly
dividends since 2008.
Following their third
quarter/nine month results, the
company again announced a
cash dividend of $0.275 per
share (for the fourth quarter of
2014). This is the fourth such
dividend for 2014, and is up on
the $0.210 per share paid
throughout 2013.
The company currently
continues to sustain the third
highest level of stockholder
return in its history, dividends
having been as low as $0.10
per share during the recession
(March '09 through April '11).
From its historic high of over
$74.65 per share in November
2006, Harley's share price went
to the bargain basement and
back again during the
recession, bottoming out at
$8.20 per share in March 2009.
Although the recovery saw the
stock price peak at around
$73.94 at the end of April this
year, its highest price since prerecession levels, trading has
seen the share price wobble
this year.
At around $68.50 at the time of
the fourth quarter dividend
announcement was made, at
best it has remained in the midrange of its current 52 week
cycle - the low coming at
around $60.60 in early August
2014.

16

2010

2009

2008

In the approximately nine
months since the low of $61.23
seen in early February this year,
the stock price has seen a
massive $12.71/20.72 percent
volatility.
Indeed, even in the two weeks
since the fourth quarter
dividend was announced on
December 2nd, 2014 and this
edition of AMD Magazine
closing for press, the s \