Pendrell Corporation (PCO) Major Shareholder Acquires $9,620,287.22 in Stock
Pendrell Corporation (NASDAQ:PCO) major shareholder James D. Dondero bought 1,408,534 shares of the firm’s stock in a transaction that occurred on Saturday, September 30th. The stock was purchased at an average price of $6.83 per share, with a total value of $9,620,287.22. Following the completion of the purchase, the insider now owns 704,267 shares in the company, valued at $4,810,143.61. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.
Pendrell Corporation (PCO) opened at 6.63 on Friday. The company has a 50 day moving average of $6.68 and a 200 day moving average of $6.51. The firm has a market capitalization of $158.89 million, a PE ratio of 28.45 and a beta of 0.88. Pendrell Corporation has a 1-year low of $5.89 and a 1-year high of $7.61.
Large investors have recently bought and sold shares of the stock. Teachers Advisors LLC purchased a new position in Pendrell Corporation in the 2nd quarter valued at $102,000. California State Teachers Retirement System purchased a new position in Pendrell Corporation in the 2nd quarter valued at $153,000. TIAA CREF Investment Management LLC purchased a new position in Pendrell Corporation in the 2nd quarter valued at $205,000. Bank of New York Mellon Corp grew its position in Pendrell Corporation by 213.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 41,452 shares of the business services provider’s stock valued at $300,000 after buying an additional 28,209 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in Pendrell Corporation by 113.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 57,264 shares of the business services provider’s stock valued at $415,000 after buying an additional 30,404 shares during the last quarter. Hedge funds and other institutional investors own 32.13% of the company’s stock.
Pendrell Corporation Company Profile
Pendrell Corporation is engaged in the business of licensing and selling intellectual property (IP) rights to others. The Company invests in, acquires and monetizes IP rights. The Company’s subsidiaries hold patents that support over four IP licensing programs that it owns and manages, such as digital media, digital cinema, wireless technologies, and memory and storage technologies.
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