MILWAUKEE (AP) — Harley-Davidson Inc. said Wednesday its board authorized it to buy back up to 20 million shares of its stock, and the company raised its quarterly cash dividend. The motorcycle maker had 8.6 million shares left on its previous stock repurchase program, meaning it could buy back as many as 28.6 million shares. Harley-Davidson had 221.1 million shares on the market as of Nov. 1 . The company also raised its dividend to 27.5 cents from 21 cents , an increase of 31 percent. Harley-Davidson's next dividend is payable March 7 to shareholders of record on Feb. 19 . Shares of Harley-Davidson lost 18 cents to $62.15 Wednesday and rose 72 cents to $62.87 in aftermarket trading. The stock is down 10 percent in 2014.
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