Indian firm ICICI Prudential boosts stake in HII despite stock plunge and broker downgrades.

Indian asset manager ICICI Prudential increased its stake in US defense contractor Huntington Ingalls Industries (HII) by 83.6%, owning 35,584 shares. HII shares rose to $205.25 mid-day, but the company missed earnings estimates by $1.28 per share, leading to a stock drop of over 26%. Several brokers downgraded HII's rating, and a law firm is investigating potential securities law violations. Bank of America lowered its price target to $195.00, below the current stock price.

November 13, 2024
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