Huntington Ingalls Industries, Inc. $HII Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Huntington Ingalls Industries stake by 13.3% in the second quarter, selling 74,066 shares and retaining 484,641 shares valued at approximately $135.6 million. Institutional investors collectively own 90.46% of HII.
• HII reported quarterly earnings of $5.27 per share, beating estimates of $3.79, while revenue rose 10.9% year over year to $3.42 billion. The company also pays a quarterly dividend of $1.38 per share, yielding about 2.0% annually.
• Analyst sentiment remains positive, with five Buy and five Hold ratings producing a “Moderate Buy” consensus and an average price target of $368.88. CEO Christopher Kastner separately sold 13,070 shares under a pre-arranged trading plan.

Bank of America Corp DE trimmed its stake in shares of Huntington Ingalls Industries, Inc. (NYSE:HII - Free Report) by 13.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 484,641 shares of the aerospace company's stock after selling 74,066 shares during the period. Bank of America Corp DE owned 1.23% of Huntington Ingalls Industries worth $135,646,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Huntington Ingalls Industries during the 2nd quarter worth about $944,877,000. Van ECK Associates Corp lifted its stake in Huntington Ingalls Industries by 32.1% in the 4th quarter. Van ECK Associates Corp now owns 1,646,733 shares of the aerospace company's stock valued at $560,004,000 after buying an additional 400,428 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Huntington Ingalls Industries in the 2nd quarter worth about $75,094,000. Deutsche Bank AG purchased a new stake in Huntington Ingalls Industries during the 2nd quarter worth approximately $64,769,000. Finally, Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in Huntington Ingalls Industries during the 2nd quarter worth approximately $55,449,000. Hedge funds and other institutional investors own 90.46% of the company's stock.

Insider Buying and Selling

In related news, CEO Christopher Kastner sold 13,070 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $324.92, for a total value of $4,246,704.40. Following the transaction, the chief executive officer directly owned 11,224 shares in the company, valued at approximately $3,646,902.08. This represents a 53.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.80% of the company's stock.

Huntington Ingalls Industries Price Performance

Huntington Ingalls Industries stock opened at $277.21 on Friday. Huntington Ingalls Industries, Inc. has a 12-month low of $263.62 and a 12-month high of $460.00. The stock has a market cap of $10.92 billion, a P/E ratio of 16.52, a PEG ratio of 1.05 and a beta of 0.23. The company has a 50-day moving average price of $296.53 and a 200 day moving average price of $330.42. The company has a current ratio of 1.23, a quick ratio of 1.14 and a debt-to-equity ratio of 0.51.

Huntington Ingalls Industries (NYSE:HII - Get Free Report) last posted its earnings results on Thursday, July 30th. The aerospace company reported $5.27 earnings per share for the quarter, beating the consensus estimate of $3.79 by $1.48. Huntington Ingalls Industries had a net margin of 5.01% and a return on equity of 12.89%. The company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same period in the previous year, the business posted $3.86 EPS. Huntington Ingalls Industries's revenue was up 10.9% on a year-over-year basis. Sell-side analysts anticipate that Huntington Ingalls Industries, Inc. will post 18.47 earnings per share for the current year.

Huntington Ingalls Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 28th were given a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, August 28th. Huntington Ingalls Industries's payout ratio is presently 32.90%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on HII shares. Weiss Ratings upgraded Huntington Ingalls Industries from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, August 31st. Wolfe Research upgraded Huntington Ingalls Industries from a "peer perform" rating to an "outperform" rating and set a $364.00 price target for the company in a research report on Friday, July 31st. TD Cowen reduced their price objective on Huntington Ingalls Industries from $420.00 to $360.00 and set a "buy" rating for the company in a research note on Monday, July 13th. Wells Fargo & Company raised their price objective on Huntington Ingalls Industries from $325.00 to $340.00 and gave the company an "equal weight" rating in a report on Tuesday, August 4th. Finally, Citigroup lifted their target price on shares of Huntington Ingalls Industries from $349.00 to $379.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Huntington Ingalls Industries has an average rating of "Moderate Buy" and an average price target of $368.88.

About Huntington Ingalls Industries

Huntington Ingalls Industries, Inc NYSE: HII is a U.S. defense company focused on designing, building, modernizing and maintaining military ships and providing technology services to government customers. It is the largest military shipbuilding company in the United States and one of the few companies capable of designing and constructing nuclear-powered aircraft carriers and submarines.

HII operates through three primary businesses: Newport News Shipbuilding, Ingalls Shipbuilding and Mission Technologies.

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