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Here’s Why Huntington Ingalls Industries (HII) is one of the Best-Positioned Defense Companies

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” third-quarter 2024 investor letter. The market added robust year-to-date gains in Q3. The portfolio underperformed the Russell Midcap Index in the quarter. The relative weakness is concentrated primarily among materials holdings. The strategy returned 8.53% (gross) and 8.34% (net) in the quarter compared to 9.21% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.

Diamond Hill Mid Cap Strategy highlighted stocks like Huntington Ingalls Industries, Inc. (NYSE:HII) in the third quarter 2024 investor letter. Huntington Ingalls Industries, Inc. (NYSE:HII) is a US-based company that designs, builds, overhauls, and repairs military ships. The one-month return of Huntington Ingalls Industries, Inc. (NYSE:HII) was -22.10%, and its shares lost 13.03% of their value over the last 52 weeks. On November 13, 2024, Huntington Ingalls Industries, Inc. (NYSE:HII) stock closed at $204.00 per share with a market capitalization of $7.982 billion.

Diamond Hill Mid Cap Strategy stated the following regarding Huntington Ingalls Industries, Inc. (NYSE:HII) in its Q3 2024 investor letter:

“We initiated one new position in Q3: Huntington Ingalls Industries, Inc. (NYSE:HII). Huntington Ingalls Industries (HII) is a critical supplier to the US Navy and a significant provider of technology solutions to the US Department of Defense. As the sole provider of aircraft carriers, one of only two suppliers of nuclear submarines and Arleigh Burke-class destroyers, and a leading supplier of various other ships to the US Navy, HII is one of the best-positioned defense companies to meet the Department of Defense’s needs to prepare for potential conflict in the Pacific. Given the longcycle nature of its products, HII has high visibility into strong demand over the next 5 to 10 years. As shares have recently been pressured by high inflation and a tight labor market, we capitalized on what we view as an attractive discount to our estimate of intrinsic value to purchase shares in the quarter.”

A towering military warship off the shore, its hull representing the companies commitment to the defense sector.

Huntington Ingalls Industries, Inc. (NYSE:HII) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Huntington Ingalls Industries, Inc. (NYSE:HII) at the end of the second quarter which was 31 in the previous quarter. Huntington Ingalls Industries, Inc.’s (NYSE:HII) third quarter revenue was $2.7 billion and earnings per share was $2.56, down from $3.70 in Q3 2023. While we acknowledge the potential of Huntington Ingalls Industries, Inc. (NYSE:HII) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Huntington Ingalls Industries, Inc. (NYSE:HII) and shared the list of most undervalued defense stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.

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