Alan Fournier's Pennant Capital Buys More Huntington Ingalls Industries (HII) ~ market folly

Friday, February 10, 2012

Alan Fournier's Pennant Capital Buys More Huntington Ingalls Industries (HII)

Alan Fournier's hedge fund firm Pennant Capital filed an amended 13G with the SEC regarding its position in Huntington Ingalls Industries (HII). Per the new filing, Pennant now owns 8.91% of HII with 4,347,499 shares.

This marks a boost of almost 59% in their position size due to trading activity on January 31st, 2012.

Pennant started a new stake in Huntington Ingalls in late November of last year, originally purchasing 2,734,343 shares and they've clearly continued to build their position.

About Pennant Capital

Alan Fournier founded Pennant after working at David Tepper's Appaloosa Management where he was responsible for the global equity portfolio. He graduated from Wentworth Institute of Technology's Mechanical Engineering program.

About Huntington Ingalls Industries

Per Google Finance, HII "designs, builds and maintains nuclear and non-nuclear ships for the United States Navy and Coast Guard, and provides aftermarket services for military ships around the globe. HII’s business divisions are Ingalls Shipbuilding and Newport News Shipbuilding (NNS). Ingalls Shipbuilding has the development and production of warships for the surface Navy fleet, United States Coast Guard, United States Marine Corps, and foreign and commercial customers."

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