Bank of America Corp DE Has $212.25 Million Stake in Huntington Ingalls Industries, Inc. $HII

Key Points

• Bank of America reduced its HII stake by 8.8% in the first quarter, selling 53,902 shares but retaining 558,707 shares valued at approximately $212.25 million, or 1.42% of the company.
• Huntington Ingalls Industries reported a strong quarter, with earnings of $5.27 per share and revenue of $3.42 billion, exceeding analyst estimates; revenue rose 10.9% year over year.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an average price target of $378.88. HII also declared a quarterly dividend of $1.38 per share, equating to a 1.7% annualized yield.

Bank of America Corp DE trimmed its position in Huntington Ingalls Industries, Inc. (NYSE:HII - Free Report) by 8.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 558,707 shares of the aerospace company's stock after selling 53,902 shares during the period. Bank of America Corp DE owned approximately 1.42% of Huntington Ingalls Industries worth $212,253,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of HII. Bayban acquired a new stake in shares of Huntington Ingalls Industries in the first quarter valued at approximately $27,000. NBC Securities Inc. grew its holdings in shares of Huntington Ingalls Industries by 87.2% in the 4th quarter. NBC Securities Inc. now owns 88 shares of the aerospace company's stock valued at $30,000 after acquiring an additional 41 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Huntington Ingalls Industries in the 1st quarter valued at about $36,000. CYBER HORNET ETFs LLC acquired a new stake in shares of Huntington Ingalls Industries in the second quarter valued at about $25,000. Finally, Rakuten Securities Inc. raised its holdings in Huntington Ingalls Industries by 140.0% during the second quarter. Rakuten Securities Inc. now owns 108 shares of the aerospace company's stock worth $26,000 after acquiring an additional 63 shares in the last quarter. 90.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on HII. Weiss Ratings cut Huntington Ingalls Industries from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, May 6th. Wells Fargo & Company boosted their price target on Huntington Ingalls Industries from $325.00 to $340.00 and gave the stock an "equal weight" rating in a research report on Tuesday. TD Cowen dropped their price objective on Huntington Ingalls Industries from $420.00 to $360.00 and set a "buy" rating on the stock in a research note on Monday, July 13th. Wall Street Zen downgraded Huntington Ingalls Industries from a "buy" rating to a "hold" rating in a report on Monday, May 18th. Finally, Wolfe Research raised shares of Huntington Ingalls Industries from a "peer perform" rating to an "outperform" rating and set a $364.00 target price for the company in a research note on Friday, July 31st. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Huntington Ingalls Industries has a consensus rating of "Hold" and a consensus price target of $378.88.

Insider Buying and Selling at Huntington Ingalls Industries

In other news, VP Edmond E. Jr. Hughes sold 3,500 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $319.58, for a total transaction of $1,118,530.00. Following the sale, the vice president directly owned 8,391 shares of the company's stock, valued at approximately $2,681,595.78. This represents a 29.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.80% of the company's stock.

Huntington Ingalls Industries Trading Down 0.9%

Shares of NYSE:HII opened at $323.14 on Wednesday. The business has a 50 day moving average of $291.07 and a 200-day moving average of $357.59. Huntington Ingalls Industries, Inc. has a 12-month low of $259.00 and a 12-month high of $460.00. The stock has a market cap of $12.73 billion, a PE ratio of 19.26, a P/E/G ratio of 1.39 and a beta of 0.24. The company has a quick ratio of 1.14, a current ratio of 1.23 and a debt-to-equity ratio of 0.51.

Huntington Ingalls Industries (NYSE:HII - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The aerospace company reported $5.27 earnings per share for the quarter, beating analysts' consensus estimates of $3.79 by $1.48. The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.15 billion. Huntington Ingalls Industries had a net margin of 5.01% and a return on equity of 12.89%. The firm's quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the business earned $3.86 earnings per share. As a group, equities research analysts forecast that Huntington Ingalls Industries, Inc. will post 17.31 earnings per share for the current year.

Huntington Ingalls Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 28th will be given a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 28th. Huntington Ingalls Industries's dividend payout ratio is presently 32.90%.

About Huntington Ingalls Industries

Huntington Ingalls Industries NYSE: HII is America's largest military shipbuilding company and a leading provider of professional services to the U.S. government. Headquartered in Newport News, Virginia, HII designs, constructs and maintains nuclear-powered aircraft carriers, submarines and other complex vessels for the U.S. Navy. The company's products include nuclear aircraft carriers, Virginia-class and Columbia-class submarines, as well as amphibious assault ships, destroyers and cutters.

Established in 2011 as a spin-off from Northrop Grumman's shipbuilding operations, HII traces its heritage to two historic builders: Newport News Shipbuilding, founded in the 19th century, and Ingalls Shipbuilding, founded in 1938.

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