Pendrell Corporation (PCO) Upgraded at TheStreet

TheStreet upgraded shares of Pendrell Corporation (NASDAQ:PCO) from a d rating to a c- rating in a research report report published on Monday morning.

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In related news, major shareholder James D. Dondero sold 9,428 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $6.44, for a total value of $60,716.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder James D. Dondero bought 1,408,534 shares of the business’s stock in a transaction that occurred on Saturday, September 30th. The stock was purchased at an average cost of $6.83 per share, with a total value of $9,620,287.22. Following the purchase, the insider now directly owns 704,267 shares in the company, valued at approximately $4,810,143.61. The disclosure for this purchase can be found here. Insiders sold a total of 61,347 shares of company stock valued at $407,338 in the last three months. 41.46% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in PCO. Teachers Advisors LLC acquired a new position in Pendrell Corporation in the 2nd quarter valued at about $102,000. California State Teachers Retirement System acquired a new position in Pendrell Corporation in the 2nd quarter valued at about $153,000. TIAA CREF Investment Management LLC acquired a new position in Pendrell Corporation in the 2nd quarter valued at about $205,000. Bank of New York Mellon Corp raised its stake 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 purchasing an additional 28,209 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake 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 purchasing an additional 30,404 shares during the last quarter. 32.13% of the stock is owned by hedge funds and other institutional investors.

About Pendrell Corporation

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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