David Einhorn’s Greenlight Capital recently took a stake in Huntington Ingalls Industries (NYSE: HII), which designs, builds and maintains nuclear and non-nuclear ships for the United States Navy and Coast Guard. HII is a recent spinoff from defence contractor Northrop Grumman (NYSE: NOC).
This marks one of the few new positions for Einhorn’s hedge fund. The firm exited positions in Yahoo! Inc. (NASDAQ: YHOO), Cardinal Health, Inc. (NYSE: CAH) and CIT Group Inc. (NYSE: CIT).
Only one Covestor model held HII as of 7/26: Workouts by Fat Pitch Financials, which specializes in special situations such as spin-offs.
Here is NOC’s presentation on the spin-off:
HII Spin-off Presentation –
Sources:
Greenlight Capital Schedule 13G, US SEC. 7/15. http://sec.gov/Archives/edgar/data/1040272/000092963811000509/greenlight_13ghuntinngton.htm
“Northrop Grumman – Huntington Ingalls Industries Spin-off Information” NOC website. http://investor.northropgrumman.com/phoenix.zhtml?c=112386&p=irol-HIISpin-off
Seeking Alpha – Market Currents for July 26. https://seekingalpha.com/currents/post/84094
