HC2 Holdings, Inc.’s HCHC broadcasting unit, HC2 Broadcasting Holdings, Inc., yesterday announced the divestment of four television stations by HC2 Station Group, Inc. In lieu of the stations, the company received $35 million.It is worth noting here that shares of HC2 Holdings decreased 5.8% on Jan 4, 2020, ending the trading session at $3.07.HC2 Broadcasting engages in providing over-the-air technologies through its broadcast television stations in the United States and Puerto Rico. It had 229 such stations as of Jan 4, 2021.Inside the HeadlinesAs noted, the divested stations included KEJR-LD — a television translator (low power) — as well as KMOH-TV Phoenix, KAZD Dallas and KYAZ Houston — television stations (full power). Notably, the translator was used for KMOH-TV.HC2 Broadcasting still operates five television stations in Houston, six in Dallas and three in Phoenix.The company noted that the divestment is in sync with its plans to strengthen the capital structure through the sale of non-essential assets. Proceeds raised from the divestments have enabled the company to reduce the debts of HC2 Broadcasting.HC2 Broadcasting along with its subsidiaries comprises HC2 Holdings’ Spectrum segment. The segment’s revenues were $9.7 million in the third quarter and $29.3 million in the first nine months of 2020, representing a slight decrease from $10 million and $29.8 million, respectively, generated in the year-ago comparable period. Notably, revenues generated from broadcast stations in the third quarter of 2020 totaled $4 million, above $3.1 million reported in the year-ago quarter.Recent Divestment by HC2 HoldingsOn Dec 31, 2020, HC2 Holdings agreed to divest its clean energy subsidiary, Beyond6, Inc. to Mercuria Investments US, Inc. The divestment, priced at $169 million, is anticipated to be completed in first-quarter 2021, after the receipt of regulatory approvals and fulfillment of customary closing conditions. (For further information please read: HC2 Holdings to Divest Beyond6 to Mercuria Investments)Zacks Rank, Earnings Estimate and Price TrendHC2 Holdings presently carries a Zacks Rank #3 (Hold). Measures to strengthen the balance sheet, reduce corporate expenses and growth opportunities are likely to aid the company in the quarters ahead. However, stiff competition and the pandemic-related woes are concerning.In the past three months, the company’s shares have gained 24.2% compared with the industry’s growth of 18%.The Zacks Consensus Estimate for the company’s bottom line is pegged at a loss of 20 cents per share for the fourth quarter of 2020 and a loss of $2.08 for 2021. Notably, the 60-day-ago consensus estimate was pegged at a loss of 30 cents for the fourth quarter and a loss of $2.16 for 2021.HC2 Holdings, Inc. Price and Consensus HC2 Holdings, Inc. price-consensus-chart | HC2 Holdings, Inc. QuoteMulti-sector companies, including 3M Company MMM, General Electric Company GE and Danaher Corporation DHR, engaged in divestment activities in 2020. While Danaher currently carries a Zacks Rank #2 (Buy), both 3M and General Electric carry a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report 3M Company (MMM): Free Stock Analysis Report General Electric Company (GE): Free Stock Analysis Report Danaher Corporation (DHR): Free Stock Analysis Report HC2 Holdings, Inc. (HCHC): Free Stock Analysis Report To read this article on Zacks.com click here.