HII

I recently read Joel Greenblatt's book after reading Mike Burry's recommendation in The Big Short, so I thought I'd take a look at some spinoffs (Blatt's stomping ground of choice). Huntington Ingalls Industries will be spun out of Northrop Grumman. A quick skim looked appealing - the industry PE ratios were around 10x, restructuring/writeoff charges depressed recent earnings, it's a leveraged transaction, and the transaction required and received Navy approval.

Since the only important customer is the Navy, I figured insider positions were even more important than usual for this transaction. However, I haven't been able to find insider positions! The 224 page information statement simply reported 2010 compensation info. The SEC filings for initial positions show blanks. I thought I read somewhere that the relevant data would be posted on huntingtoningalls.com but the website isn't live yet (despite the stock being tradeable for a couple days). Maybe this is normal but it seems strange to me. If I can find that information in the next few months I'll research this issue more.