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Pendrell Corp (PCO): Highland Capital Halves Its Stake Following Stock’s Big Run

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A new 13G filing with the Securities and Exchange Commission revealed that James Dondero‘s Highland Capital Management has decreased its stake in Pendrell Corp (NASDAQ:PCO). The hedge fund currently owns 23.57 million Class A common shares of the company, which amass 11.00% of its outstanding stock. The stake has been nearly halved from the fund’s previously disclosed holding of 45.61 million shares, according to its 13F filing for the end of March.

Pendrell Corp (NASDAQ:PCO) is a company that invests in, sells, and licenses intellectual property rights. Since the beginning of the year, the company’s stock is up by 39.69%, which included a 15% pop on July 25 when it announced its second quarter results, making it one of the biggest gainers of that day on the Russell 2000. The company had a solid quarter, pulling in $45 million in revenue and more than half of that figure ($23.48 million) in operating income. One of the company’s biggest coups during the quarter was a patent licensing deal that its subsidiary Memory Technologies LLC signed with Toshiba on May 20.

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Among the investors in our database long Pendrell Corporation (NASDAQ:PCO) at the end of March, Highland Capital Management held the most valuable position, while the second-largest stake was disclosed by Thomas Steyer’s Farallon Capital, worth around $4.3 million. Some other smart money managers with similar bullishness included Israel Englander’s Millennium Management, D E Shaw, and Michael Johnston’s Steelhead Partners. One hedge fund sold off its position in Pendrell Corporation (NASDAQ:PCO) during the first quarter, that being Brian Sheehy’s Iszo Capital. The fund’s position had been worth $700,000 on December 31. Overall, nine of the hedge funds in our database were long Pendrell on March 31.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Highland Capital Management 0 13,906,755 0 13,906,755 13,906,755 6.5%
Strand Advisors, Inc 0 13,906,755 0 13,906,755 13,906,755 6.5%
James D. Dondero 0 23,568,047 0 23,568,047 23,568,047 11.0%

James Dondero
James Dondero
Highland Capital Management

Page 1 of 9 – SEC Filing

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

SCHEDULE 13G

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO

RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

 

Pendrell
Corporation

(Name of Issuer)

Class A common stock, par value $0.01 per share

(Title of Class of Securities)

70686R104

(CUSIP Number)

August 4, 2016

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to
designate the rule pursuant to which this Schedule is filed:

x Rule 13d-1(b)

¨ Rule 13d-1(c)

¨ Rule 13d-1(d)

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