Millennium Management LLC Lowers Position in INNOVATE Corp. (NYSE:VATE)

Millennium Management LLC lessened its stake in INNOVATE Corp. (NYSE:VATE) by 21.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 61,338 shares of the company’s stock after selling 16,376 shares during the quarter. Millennium Management LLC’s holdings in INNOVATE were worth $303,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Bridgeway Capital Management LLC increased its position in INNOVATE by 119.5% in the fourth quarter. Bridgeway Capital Management LLC now owns 45,000 shares of the company’s stock worth $222,000 after purchasing an additional 24,500 shares during the last quarter. Cantor Fitzgerald L. P. bought a new stake in INNOVATE in the fourth quarter worth $246,000. Aristeia Capital L.L.C. bought a new stake in INNOVATE in the fourth quarter worth $67,000. Northern Trust Corp increased its position in INNOVATE by 75.5% in the fourth quarter. Northern Trust Corp now owns 19,619 shares of the company’s stock worth $97,000 after purchasing an additional 8,440 shares during the last quarter. Finally, MSH Capital Advisors LLC bought a new stake in INNOVATE in the fourth quarter worth $73,000. Institutional investors own 34.28% of the company’s stock.

INNOVATE Stock Performance

Shares of VATE opened at $5.55 on Wednesday. The company’s fifty day moving average is $6.10 and its 200 day moving average is $7.30. INNOVATE Corp. has a fifty-two week low of $3.25 and a fifty-two week high of $13.79. The stock has a market capitalization of $73.71 million, a PE ratio of -1.55 and a beta of 1.78.

INNOVATE (NYSE:VATE) last announced its earnings results on Tuesday, May 6th. The company reported ($1.89) earnings per share for the quarter. The firm had revenue of $274.20 million for the quarter.

About INNOVATE

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.