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Sept 17 (Reuters) - Huntington Ingalls Industries Inc HII.N:
HUNTINGTON INGALLS INDUSTRIES INC - ENTERED INTO A SECOND AMENDED AND RESTATED CREDIT AGREEMENT
HUNTINGTON INGALLS INDUSTRIES - SECOND AMENDED REVOLVING CREDIT FACILITY INCREASED CAPACITY THEREUNDER FROM $1.5 BILLION TO $1.7 BILLION
HUNTINGTON INGALLS INDUSTRIES - AMENDED REVOLVING CREDIT FACILITY EXTENDED MATURITY DATE TO SEPT 17, 2029
Source text for Eikon: [ID:n0001193125-24-220532]
Further company coverage: HII.N
U.S. stocks settled higher on Friday, with the S&P 500 and the Nasdaq Composite recording their best week of the year. Both indices also notched gains for the fifth straight day. On a weekly basis, the S&P 500 gained 4%, while the Nasdaq added 5.9%. The Dow has climbed 2.6% last week.
Wall Street analysts make new stock picks on a daily basis. Unfortunately for investors, not all analysts have particularly impressive track records at predicting market movements. Even when it comes to one single stock, analyst ratings and price targets can vary widely, leaving investors confused about which analyst’s opinion to trust.
Benzinga’s Analyst Ratings API is a collection of the highest-quality stock ratings curated by the Benzinga news desk via direct partnerships with major sell-side banks. Benzinga displays overnight ratings changes on a daily basis three hours prior to the U.S. equity market opening. Data specialists at investment dashboard provider Toggle.ai recently uncovered that the analyst insights Benzinga Pro subscribers and Benzinga readers regularly receive can successfully be used as trading indicators to outperform the stock market.
Top Analyst Picks: Fortunately, any Benzinga reader can access the latest analyst ratings on the Analyst Stock Ratings page. One of the ways traders can sort through Benzinga’s extensive database of analyst ratings is by analyst accuracy. Here’s a look at the most recent stock picks from each of the five most accurate Wall Street analysts, according to Benzinga Analyst Stock Ratings.
Analyst: Zachary Fadem
Analyst: William Power
Analyst: Seth Seifman
Analyst: Chris Kotowksi
Analyst: Josh Sullivan
Read More:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Huntington Ingalls Industries’ HII business unit, Mission Technologies, shipped two REMUS 620 uncrewed underwater vehicles (UUVs) to the National Oceanic and Atmospheric Administration (“NOAA”) for improved high-resolution ocean floor imaging.
This speedy manufacturing and delivery to NOAA illustrates the company’s dedication to supporting customers’ mission objectives through rapid development and deployment of new capabilities and technologies.
Significance of HII’s REMUS 620 UUV
The REMUS 620, unveiled 22 months ago in November 2022, is the first medium-class UUV designed to provide a full range of above and below-water capabilities across extended distances.
The REMUS 620 is the longest-reaching UUV in its class, featuring capabilities that combine field-proven durability with increased efficiency and adaptability. It offers unequaled multi-day endurance, range and stealth, with a battery life of up to 110 hours and a range of 275 nautical miles.
Its open architecture, modular design and smooth payload integration let you quickly switch between any mission, be it submerged or above, including electronic warfare, hydrographic surveys, mine countermeasures, intelligence gathering and surveillance.
HII’s Growth Prospects
The ongoing conflict between Ukraine and Russia has prompted other countries to improve their defense arsenals. UUVs are known for their capacity to perform hazardous maritime tasks, such as mine countermeasure missions and port patrol. As a result, as investments in undersea combat capabilities have expanded dramatically in recent years, so has the demand for cutting-edge unmanned underwater vehicles.
The Fortune Business Insights firm projects the global unmanned underwater vehicle market to witness a CAGR of 13.5% during the 2024-2032 period. This growth prospect is anticipated to bode well for Huntington Ingalls, as it is the largest producer of UUVs worldwide.
Huntington Ingalls has delivered more than 600 UUVs to 30 countries, including 14 NATO members, so far. In March 2024, HII unveiled its REMUS 130 UUV, the third generation of REMUS 100 vehicles, which offers cutting-edge features, more flexibility and cutting-edge capabilities to improve underwater operations. Moreover, in May 2024, the UK Royal Navy signed an agreement to buy a fleet of Remus UUVs from HII.
Opportunities for HII’s Peers
Apart from Huntington Ingalls, a few other defense players that can gain from the expanding UUV market are The Boeing Company BA, BAE Systems BAESY and General Dynamics Corp. GD.
Boeing’s Echo Voyager is a fully autonomous XLUUV class UUV that can be used for a variety of missions, which were previously impossible due to traditional UUV limitations. The vehicle's superior autonomy allows it to operate at sea for months at a time, providing a more cost-effective, mission-capable alternative than standard UUVs.
The Boeing stock boasts a long-term (three to five years) earnings growth rate of 21.3%. The Zacks Consensus Estimate for 2025 sales indicates an improvement of 20.3% from the 2024 estimated figure.
BAE Systems’ Riptide UUV-12 is easily adaptable to satisfy a wide range of mission requirements, including those requiring bigger and more powerful payloads. It can provide essential abilities such as Radio Frequency signal collecting, active acoustics, Acoustic Identification of Friend or Foe, mission autonomy and navigation.
The stock boasts a long-term earnings growth rate of 12.4%. The Zacks Consensus Estimate for BAESY’s 2024 sales implies an improvement of 36.3% from the previous year’s level.
General Dynamics’ Bluefin SandShark is a one-person-portable, low-cost autonomous unmanned underwater vehicle designed to leverage today’s miniaturized sensors and serve as a development platform for the future generation.
The GD stock boasts a long-term earnings growth rate of 12.6%. The Zacks Consensus Estimate for General Dynamics’ 2024 sales implies an improvement of 13.5% from the previous year’s level.
HII Stock Outperforms Industry
In the past three months, HII shares have risen 7.2% compared with the industry’s 5% growth.
HII’s Zacks Rank
Huntington Ingalls currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
** J.P.Morgan downgrades rating on defense shipbuilder Huntington Ingalls Industries HII.N to "neutral from "overweight"
** "We see growing risk around 2024 shipbuilding margin and cash flow targets based on the number of ships HII can get on contract" - brokerage
** Softening U.S. labor market can help, but HII "struggling" to reduce attrition affects productivity, JPM says
** Brokerage, however, lifts PT to $285 from $280, implying ~6% upside to stock's last close
** Six brokerages rate the stock "buy" or higher, seven "hold" and two "sell"; median PT is $292 - LSEG data
** Shares of Huntington Ingalls down 0.2% at $268.66
** Up to last close, stock up 3.5% YTD
(Reporting by Aatreyee Dasgupta)
MCLEAN, Va., Sept. 09, 2024 (GLOBE NEWSWIRE) -- HII’s (NYSE: HII) Mission Technologies division has successfully built and delivered two REMUS 620 uncrewed underwater vehicles (UUVs) to the National Oceanic and Atmospheric Administration (NOAA) for enhanced high-resolution ocean floor mapping.
Unveiled only 22 months ago in November 2022, the REMUS 620 is the first medium-class UUV designed to deliver a comprehensive range of above- and below-water capabilities over long distances.
“The rapid delivery of the REMUS 620 underscores HII’s exceptional agility and efficiency in producing and deploying uncrewed systems that meet the needs of our customers,” said Duane Fotheringham, president of Mission Technologies’ Unmanned Systems business group. “The swift production and delivery timeline to NOAA demonstrate our commitment to supporting our customers’ mission requirements with rapid development and deployment of new capabilities and technology.”
The REMUS 620 vehicles incorporate cutting-edge modular design and engineering. Like all the REMUS UUVs built by HII, the NOAA REMUS 620 vehicles have been modified with customized enhancements for NOAA’s advanced underwater mapping and habitat restoration missions. Upgrades include a synthetic aperture sonar module, additional energy module, and auxiliary equipment.
A photo accompanying this release is available at: https://hii.com/news/hii-delivers-advanced-remus-620-uuvs-to-noaa-less-than-24-months-after-unveiling/.
NOAA plans to use the REMUS 620 vehicles for high-resolution mapping in the Gulf of Mexico, with a focus on restoring Mesophotic and Deep Benthic Communities — or dim and sunlight-free seafloor habitats — injured by the 2010 Deepwater Horizon oil spill. The timely delivery of these UUVs will allow NOAA to accelerate its critical environmental restoration and exploration missions, building on its existing use of other REMUS models for habitat characterization, marine archaeology, and various oceanographic studies.
“The market interest in the REMUS 620 has been tremendous,” Fotheringham said. “The rapid delivery to NOAA, alongside our growing backlog of REMUS 300 orders, reinforces the market’s confidence in the continued capabilities and versatility of the REMUS series.”
More than 600 REMUS UUVs have been sold globally and are in operation in more than 30 countries, including 14 NATO members. Over 90% of the vehicles delivered in the past 23 years are still operational today, demonstrating the platform’s durability and the ability to integrate new technologies as they are developed.
About HII
HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world. As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 44,000 strong. For more information, visit:
Contact:
Greg McCarthyGregory.j.mccarthy@hii-co.comTel: 202.264.7126
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b4a7f0ff-37a2-4619-819e-7baa84ca6122
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