Pendrell Corporation (PCO) Announces $12.32 Special Dividend
Pendrell Corporation (NASDAQ:PCO) announced a special dividend on Thursday, December 7th, Wall Street Journal reports. Shareholders of record on Friday, December 15th will be paid a dividend of 12.32 per share by the business services provider on Wednesday, December 27th. The ex-dividend date is Thursday, December 14th.
Shares of Pendrell (NASDAQ:PCO) traded up $36.16 during trading on Thursday, reaching $696.16. The company’s stock had a trading volume of 6,700 shares, compared to its average volume of 828. Pendrell has a 52-week low of $589.00 and a 52-week high of $761.00. The firm has a market cap of $161.52, a P/E ratio of 22.76 and a beta of 0.92.
In other news, major shareholder James D. Dondero sold 17,919 shares of the firm’s stock in a transaction dated Thursday, October 12th. The stock was sold at an average price of $6.65, for a total value of $119,161.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder James D. Dondero bought 1,408,534 shares of Pendrell stock in a transaction dated 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 disclosure for this purchase can be found here. Company insiders own 41.46% of the company’s stock.
Separately, TheStreet upgraded Pendrell from a “d” rating to a “c-” rating in a report on Monday, October 30th.
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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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