On June 1, Huntington Ingalls Industries declined 5.08% in regular trading, trading at $293.61/share, with trading volume of $40.87 million. The stock continues to face selling pressure amid ongoing concerns over shipbuilding margin outlook and broader aerospace and defense sector weakness.
Despite reporting Q1 revenue of $3.099 billion (up 13.35% YoY) and earnings per share of $3.79 that beat market expectations, the company has seen sustained downward pressure since its May 5 earnings release. Multiple institutions have lowered their target prices, with Bernstein cutting its target from $421 to $387 on May 15 citing margin concerns at the Newport News segment, while TD Cowen reduced its target from $460 to $420 on weak Q2 shipbuilding margin guidance. The stock has now fallen significantly from its $326.13 level on earnings day.
Within the Aerospace & Defense sector, broad weakness is evident. Among sector peers, Rocket Lab USA down 13.76%, Redwire Corp. down 16.06%, Boeing down 3.04%, GE Aerospace down 2.47%, while Virgin Galactic gained 5.58%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)