Alan Fournier’s Pennant Capital Picked $HII

Alan Fournier’s Pennant Capital disclosed its brand-new position in Huntington Ingalls Industries, Inc. (HII) on November 28th. According to the filing, Pennant Capital now takes 2.73 million shares in HII, corresponding to a 5.6% passive stake ownership. Pennant Capital did not have share in HII before. It’s possible that the firm began to purchase in early October at about $25 per share. Huntington Ingalls Industries was a prior subsidiary of Northrop Grumman Corporation (NOC), and it was spun off from Northrop Grumman on March 31st, 2011. Now HII is trading at $31, losing 18% after March.

Pennant Capital Management is a financial investment firm based out of an office on Main Street in Chatham. The firm primarily focuses on individual clients, but Pennant also handles corporate accounts. The firm reported $4.07 million in its third quarter 13F filing. It mainly invests in Healthcare, Services, Industrial Goods, Consumer Goods, Financial, and Basic Materials sector.

Huntington Ingalls Industries, Inc. provides nuclear and non-nuclear ships for the U.S. Navy and Coast Guard. The company specializes in nuclear-powered aircraft carriers, aircraft carriers, warships, and nuclear-powered submarines. The company operates three divisions: Ingalls Shipbuilding and Newport News Shipbuilding. The company was founded in 1886 and is based in Newport News, Virginia.