INNOVATE Corp. (NYSE:VATE) Shares Sold by Stonehill Capital Management LLC

Stonehill Capital Management LLC reduced its stake in INNOVATE Corp. (NYSE:VATE - Free Report) by 90.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 146,307 shares of the company's stock after selling 1,316,761 shares during the period. INNOVATE accounts for approximately 0.3% of Stonehill Capital Management LLC's holdings, making the stock its 9th biggest position. Stonehill Capital Management LLC owned approximately 1.10% of INNOVATE worth $541,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of INNOVATE in the 2nd quarter worth $35,000. Gabelli Funds LLC increased its stake in INNOVATE by 20.9% in the 2nd quarter. Gabelli Funds LLC now owns 289,801 shares of the company's stock worth $175,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in INNOVATE by 14.2% during the 1st quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company's stock worth $1,920,000 after buying an additional 341,653 shares during the period. 34.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other INNOVATE news, CEO Paul Voigt bought 25,000 shares of INNOVATE stock in a transaction on Tuesday, November 19th. The stock was purchased at an average cost of $3.98 per share, for a total transaction of $99,500.00. Following the completion of the purchase, the chief executive officer now directly owns 25,000 shares of the company's stock, valued at $99,500. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 55.20% of the stock is currently owned by corporate insiders.

INNOVATE Stock Performance

NYSE:VATE traded down $0.21 during trading hours on Thursday, hitting $5.73. 8,125 shares of the company's stock traded hands, compared to its average volume of 39,103. The stock's fifty day moving average price is $5.05 and its two-hundred day moving average price is $5.16. The firm has a market cap of $75.98 million, a P/E ratio of -1.63 and a beta of 2.37. INNOVATE Corp. has a twelve month low of $3.25 and a twelve month high of $14.60.

INNOVATE Company Profile

INNOVATE Corp., through its subsidiaries, operates in infrastructure, life sciences, and spectrum areas in the United States. The Infrastructure segment provides industrial construction, structural steel, and facility maintenance services, such as fabrication and erection of structural steel and heavy steel plate services, and large-diameter water pipes and water storage tanks; fabrication of trusses and girders; and 3-D building information modeling and detailing for commercial, industrial, and infrastructure construction projects, such as buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, metal processing, refineries, pulp and paper mills, and power plants.