Pendrell Corporation (PCO) Shares Bought by Northern Trust Corp
Northern Trust Corp grew its stake in shares of Pendrell Corporation (NASDAQ:PCO) by 229.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 143,549 shares of the business services provider’s stock after acquiring an additional 100,002 shares during the period. Northern Trust Corp owned about 0.60% of Pendrell worth $1,038,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of PCO. Schwab Charles Investment Management Inc. raised its stake in Pendrell by 113.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 57,264 shares of the business services provider’s stock worth $415,000 after buying an additional 30,404 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Pendrell by 213.0% in the second quarter. Bank of New York Mellon Corp now owns 41,452 shares of the business services provider’s stock worth $300,000 after buying an additional 28,209 shares in the last quarter. Teachers Advisors LLC bought a new position in Pendrell in the second quarter worth approximately $102,000. Finally, TIAA CREF Investment Management LLC bought a new position in Pendrell in the second quarter worth approximately $205,000. 28.55% of the stock is owned by institutional investors.
Separately, TheStreet raised shares of Pendrell from a “d” rating to a “c-” rating in a research note on Monday, October 30th.
Pendrell Corporation (NASDAQ:PCO) opened at $696.16 on Thursday. The company has a market cap of $161.52, a P/E ratio of 22.76 and a beta of 0.92. Pendrell Corporation has a 12 month low of $589.00 and a 12 month high of $761.00.
In other news, major shareholder James D. Dondero sold 17,919 shares of the company’s stock in a transaction on Thursday, October 12th. The stock was sold at an average price of $6.65, for a total transaction of $119,161.35. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder James D. Dondero purchased 1,408,534 shares of Pendrell stock in a transaction dated Saturday, September 30th. The shares were acquired at an average cost of $6.83 per share, for a total transaction of $9,620,287.22. Following the completion of the transaction, the insider now owns 704,267 shares of the company’s stock, valued at approximately $4,810,143.61. The disclosure for this purchase can be found here. Insiders own 41.46% of the company’s stock.
Pendrell 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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