Patten & Patten INC Decreased Stake in Newell Rubbermaid INC (NYSE:NWL) by $8.60 Million as Shares Rose


Patten & Patten Inc decreased its stake in Newell Rubbermaid Inc. (NYSE:NWL) by 62.54% based on its latest 2016Q2 regulatory filing with the SEC. Patten & Patten Inc sold 195,381 shares as the company’s stock rose 1.96% with the market. The institutional investor held 117,041 shares of the plastic products company at the end of 2016Q2, valued at $5.18M, down from 312,422 at the end of the previous reported quarter. Patten & Patten Inc who had been investing in Newell Rubbermaid Inc. for a number of months, seems to be less bullish one the $24.00 billion market cap company. The stock is down 1.80% or $0.91 after the negative news, hitting $49.63 per share. About 989,415 shares traded hands. Newell Brands Inc (NYSE:NWL) has risen 47.52% since February 8, 2016 and is uptrending. It has outperformed by 31.03% the S&P500.

Patten & Patten Inc, which manages about $1.33 billion and $699.85 million US Long portfolio, upped its stake in Utilities Select Sector Spdr F (XLU) by 67,577 shares to 94,240 shares, valued at $4.68 million in 2016Q2, according to the filing.

Patten & Patten Inc is a Tennessee-based institutional investor with more than $1.33 billion AUM in April, 2014. This fund invests only a small percentage of its assets in equities and options. Taken from Patten & Patten latest Adv, the fund reported to have 17 full and part-time employees. Among which 7 performing investment advisory and research functions. The institutional investor had more than 800 clients.

The institutional sentiment increased to 3.35 in Q2 2016. Its up 2.26, from 1.09 in 2016Q1. The ratio is positive, as 31 funds sold all NWL shares owned while 101 reduced positions. 165 funds bought stakes while 277 increased positions. They now own 872.10 million shares or 192.27% more from 298.39 million shares in 2016Q1.

Dsm Capital Partners Llc holds 4.4% of its portfolio in NWL for 5.27 million shares. Suvretta Capital Management Llc owns 2.37 million shares or 4.38% of their US portfolio. Moreover, Taurus Asset Management Llc has 4.3% invested in the company for 503,935 shares. The California-based Lateef Investment Management L.P. has invested 4.22% in the stock. Brookside Capital Management Llc, a Massachusetts-based fund reported 2.06 million shares.

Out of 10 analysts covering Newell Rubbermaid Inc. (NYSE:NWL), 8 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 80% are positive. Newell Rubbermaid Inc. has been the topic of 13 analyst reports since September 28, 2015 according to StockzIntelligence Inc. Deutsche Bank maintained the stock on May 2 with “Buy” rating.

Newell Brands Inc, formerly Newell Rubbermaid Inc., is a global consumer goods company. The company has a market cap of $24.00 billion. The Company’s brands consists of Paper Mate, Sharpie, Dymo, EXPO, Parker, Elmer’s, Coleman, Jostens, Marmot, Rawlings, Irwin, Lenox, Oster, Sunbeam, FoodSaver, Mr. It has a 76.5 P/E ratio. Coffee, Rubbermaid Commercial Products, Graco, Baby Jogger, NUK, Calphalon, Rubbermaid, Contigo, First Alert, Waddington and Yankee Candle.

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