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Harley-Davidson (HOG) Shuts Production at Kansas City Factory
Harley-Davidson, Inc. (HOG - Free Report) is reportedly said to have closed the factory in Kansas City, MO, as of May 24. The closure, which was announced around 16 months ago, resulted into 800 job loss. Declining motorcycle sales prompted the Milwaukee, WI-based motorcycle manufacturer to take such a decision.
Harley-Davidson announced that production from the closed Kansas City plant would be shifted to the plant in York, PA. In fact, the company is working on a $150-million expansion plan in York, where it is likely to recruit 450 employees to support the increased production.
The factory at Kansas City has been assembling Harley-Davidson motorcycles since 1997. Now, the company stated that it has been offering support to employees, who lost jobs due to the closure. Arrangements were made to host job fairs and offering free workshops for developing employment skills to the employees.
Shares of Harley-Davidson have underperformed the industry it belongs to in the past year. Over this time frame, shares of the company have tanked 17.8% compared with the industry’s decline of 14.5%.
Currently, Harley-Davidson has a Zacks Rank #3 (Hold).
A few better-ranked stocks in the auto space are Ford Motor Company (F - Free Report) , Fox Factory Holding Corp. (FOXF - Free Report) and Cummins Inc. (CMI - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see tthe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ford has an expected long-term growth rate of 7.3%. Over the past three months, shares of the company have gained 11.9%.
Fox Factory has an expected long-term growth rate of 16.4%. Over the past three months, shares of the company have gained 5.3%.
Cummins has an expected long-term growth rate of 8%. Over the past three months, shares of the company have gained 3.5%.
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