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Patrick Kennedy

Reporter | Business, Research
phone: 612-673-7926
Patrick Kennedy, reporter and researcher, produces the annual Star Tribune 100 ranking of Minnesota's biggest companies; the CEO compensation package and the Nonprofit 100 as well as the Quarterly Deals and Quarterly Money Managers reports.
Recent content from Patrick Kennedy

Sales force turnover helps trim sales guidance at SPS

Minneapolis-based SPS Commerce reported better-than-expected fourth-quarter results, but its revenue guidance for 2016 raised concerns for one analyst.
CEO Pay Watch: Michael Hoffman, The Toro Co.

CEO Pay Watch: Michael Hoffman, The Toro Co.

CEO Pay Watch The Toro Co. Michael Hoffman, chairman and CEO Total compensation: $11,070,525 for the year ended Oct. 31, 2015 Salary: $960,000 Non-equity…

Piper Jaffray posts stronger-than-expected earnings

CEO Andrew Duff said this performance was four years in the making.

IPOs started strong in 2015, then the stock market stumbled

Despite strong years for mergers and acquisitions and venture capital funding, the appetite for initial public stock offerings waned in 2015, especially in the second half.
2015 was busiest for Minnesota deals since Great Recession

2015 was busiest for Minnesota deals since Great Recession

Minnesota firms stayed busy in 2015 with mergers, acquisitions.

Wells Fargo's John Stumpf named Morningstar's CEO of the Year

Last week Morningstar, the independent investment research firm, named Wells Fargo CEO John Stumpf its CEO of the Year.

Ameriprise's fourth-quarter results top expectations of analysts

The company has a solid fourth quarter despite soft markets and low rates.

Tactile Systems Technology registers for IPO

The move by Tactile Systems Technology, whose devices treat chronic conditions, could raise $86 million.
Andersen Windows debuts VeriLock, its integrated home security technology for windows and doors

Andersen Windows debuts VeriLock, its integrated home security technology for windows and doors

Andersen's VeriLock technology can tell homeowners if windows and doors are open, but it also signals homeowners through a variety of connected devices if those windows and doors are locked.

Resignation of Silver Bay's CEO signals shift

The sudden resignation of a company's CEO generally signals more changes are ahead.

Analyst maintains 'outperform' rating on SPS Commerce after acquisition of ToolBox Solutions

The addition of ToolBox strengthens the Minneapolis-based SPS' foothold within the convenience, grocery and drugstore market.

Nautilus CEO visits Octane Fitness in Brooklyn Park

Bruce Cazenave, CEO of Vancouver, Wash.-based Nautilus Inc., was in town on Wednesday to visit employees and managers two days after his company acquired Brooklyn Park-based Octane Fitness.
Polaris Industries acquires maker of snowmobile helmets

Polaris Industries acquires maker of snowmobile helmets

Polaris Industries Inc. acquired 509 Inc., maker of carbon fiber snowmobile helmets and other products, adding to its portfolio of accessory brands.509, which started in…

Nautilus buys Brooklyn Park-based Octane Fitness

Brooklyn Park company makes a wide array of fitness equipment.

Analyst has long-term optimism for Stratasys

Stratasys stock has been down 69 percent this year, but Oppenheimer analyst Holden Lewis earlier this month reiterated his buy "outperform" rating after recent visits with company management.
Some nonprofits, hurt by the recession, are now expanding

Some nonprofits, hurt by the recession, are now expanding

Recent expansions are evidence of a turn in fortunes for successful small nonprofits that bit the bullet during the Great Recession and the lean years following when donations dipped.
Analysts: Medtronic deal starts to deliver consistent growth

Analysts: Medtronic deal starts to deliver consistent growth

Analysts have been keeping an eye on Medtronic's growth since the completion of the Covidien merger at the start of the year.
Former Donaldson CEO earned $4.85 million in last fiscal year

Former Donaldson CEO earned $4.85 million in last fiscal year

CEO Pay Watch Donaldson Co. Inc. William Cook, chairman Total compensation: $4,849,808 for the year ended July 31, 2015 Salary: $861,246 Non-equity incentive pay:…
CEO David Martin to take medical leave from Cardiovascular Systems

CEO David Martin to take medical leave from Cardiovascular Systems

David Martin will focus on treatment for his cancer.
H.B. Fuller wins case against Accenture

H.B. Fuller wins case against Accenture

Ruling went against management consultant agency Accenture.

Russell King and Jacob Simms acquire Oak Ridge Financial Services

The firm will be run separately from King Capital and the Peter J. King Family Foundation.
TDK to buy Hutchinson Technology for $126 million

TDK to buy Hutchinson Technology for $126 million

No layoffs were announced in the deal with the big Japanese electronics maker.

U.S. Bancorp targets mobile, compliance programs

U.S. Bancorp has been carefully monitoring expenses for the last several quarters as it anticipates a higher interest rate environment and more robust economic growth,…

Capella stock drops after mixed 3Q report

Capella had better-than-expected enrollment growth but missed revenue projections.

Deluxe reports strong 3Q results

Financial services paved the way as revenue rose 6 percent in quarter.

Arctic Cat misses quarterly sales forecasts

Company lowers guidance for fiscal 2016 but CEO says company positioned for future growth.

ConvergeOne unifies units under one name

New corporate structure also organizes acquisitions under divisions.

Qumu Corp. names Vern Hanzlik CEO

Sherman Black resigned from the company's top job as part of a planned succession process

Tile Shop Holdings shares up 14.5 percent after reporting strong quarterly earnings

Shares of Tile Shop Holdings rose 14.5 percent Tuesday after the Plymouth company reported stronger-than-expected third-quarter revenue and earnings. The specialty retailer of manufactured and…
Epoch Lacrosse moves into new Roseville facility

Epoch Lacrosse moves into new Roseville facility

Equipment maker settles into new Roseville home, says it will greatly help R & D and design.

Former Melting Pot owner pleads guilty on 'conspiracy to defraud' the government

David Dale Ahern helped steal $860,000 in withheld employment taxes.
Minnesota stocks slide with the market

Minnesota stocks slide with the market

The stock market was on a record run, but now it's stumbling, and Minnesota is no exception.

Canterbury Park wants to create subsidiary for land development

The new entity would develop land not used for horsetrack operations.
Toro could get more exposure during Ryder Cup at Hazeltine

Toro could get more exposure during Ryder Cup at Hazeltine

Ryder Cup will be a showcase for Bloomington company

Alerus Financial expands in Twin Cities by acquiring Beacon Bank

The deal would give Alerus five offices in the Twin Cities and Duluth.
Reemo developing technology to help seniors live independently

Reemo developing technology to help seniors live independently

Reemo is developing apps to keep elderly independent
Cardiovascular Systems president and CEO David Martin will work through cancer treatments

Cardiovascular Systems president and CEO David Martin will work through cancer treatments

David Martin will continue to lead the New Brighton company while getting treatment.
St. Olaf Choir's Kenneth Jennings remembered for his musicianship, humble manner

St. Olaf Choir's Kenneth Jennings remembered for his musicianship, humble manner

Kenneth Jennings is credited with using his humble manner and consummate musicianship to elevate an already world-class St. Olaf Choir. Jennings, 90, died Aug. 20…

Minnesota State Patrol plans extra enforcement of Ted Foss Move Over Law

Enforcement increased in officer's memory.

Kenneth Roering named chairman of Arctic Cat board

The longtime board member succeeds retiring chairman Christopher Twomey.
CEO paywatch: Patterson's Scott Anderson made $2.3 million last fiscal year

CEO paywatch: Patterson's Scott Anderson made $2.3 million last fiscal year

CEO Pay Watch Patterson Cos. Inc. Scott P. Anderson, chairman, president and CEO Total compensation: $2,258,990 for the year ended April 30, 2015 Salary:…

JAMF Software inks deal with IBM to help with Mac installations

As Apple products grow in schools and other workplaces, the Minneapolis company will benefit.

Ecolab meets expectations in mixed quarter

Strong industrial and institutional gains offset sluggish energy sector.
The deals, small and large, just kept coming in first half of 2015

The deals, small and large, just kept coming in first half of 2015

213 deals involving a Minnesota buyer or seller reflected strongest market since 2008.
Life Time sells $900M in real estate, including 2 Twin Cities facilities

Life Time sells $900M in real estate, including 2 Twin Cities facilities

The fitness company is using proceeds from the sales to help pay for its leveraged buyout.
March: Life Time Fitness sold for more than $4B

March: Life Time Fitness sold for more than $4B

A $4 billion investment from private equity investors will take Life Time Fitness private and position it for further growth.
Obituary: Vernon Albertson, a powerhouse in energy studies at the U

Obituary: Vernon Albertson, a powerhouse in energy studies at the U

Prof. Vernon Albertson’s pioneering research on the effects of geomagnetic storms has saved the electric utility industry millions of dollars by helping to prevent blackouts…
Founder Jack Cameron back in as CEO of Appliance Recycling

Founder Jack Cameron back in as CEO of Appliance Recycling

Founder Jack Cameron will return after activist investor's slate of directors was elected.

Watches cause a hiccup for Evine Live's turnaround

The markets reaction to the first quarter revenue miss of Evine Live masked successful steps in their transformation.
Star Tribune debuting new Minnesota stock index

Star Tribune debuting new Minnesota stock index

  The Star Tribune has joined with Piper Jaffray & Co. to create a new Minnesota stock index. The Piper Jaffray Minnesota index is an…
What's new and what's off the Star Tribune 100

What's new and what's off the Star Tribune 100

The Star Tribune had stretched its rules of inclusion the past couple of years to ensure that we had enough Minnesota-based public companies to have…
Star Tribune 100: Signs point to a new round of companies going public

Star Tribune 100: Signs point to a new round of companies going public

Few Minnesota companies have gone public in recent years, but that soon may change

What analysts are saying: Cardiovascular Solutions has foundation for growth

Last week, Cardiovascular Solutions announced its third-quarter financial results. The company reported a net loss for the quarter and doesn’t expect to be profitable in…
April 29: TCF Financial failed in its say-on-pay vote for second year in row

April 29: TCF Financial failed in its say-on-pay vote for second year in row

Despite changes to pay and governance, more shareholders voted no than last year.
Minnesota saw a brisk pace for corporate deals in the first quarter

Minnesota saw a brisk pace for corporate deals in the first quarter

Life Time Fitness' buyout is just one of the deals in a quarter marked by low rates, available credit and companies looking to grow.

First-quarter revenue rises 27% at Proto Labs

Proto Labs Inc., an online and technology-enabled quick-turn manufacturer of custom parts for prototyping and short-run production, announced record first-quarter revenue of $58.5 million, up…
Deluxe Corp. reports strong first-quarter results

Deluxe Corp. reports strong first-quarter results

The small business and financial services provider met expectations.
Father 'primary suspect' in Barway Collins' homicide

Father 'primary suspect' in Barway Collins' homicide

Missing boy's identity is confirmed, but the "manner and cause of death" remain under investigation.
Xcel Energy CEO Benjamin Fowke made $7.3 million in 2014

Xcel Energy CEO Benjamin Fowke made $7.3 million in 2014

CEO Pay Watch Xcel Energy Inc. Benjamin Fowke III, chairman, president and CEO Total compensation: $7,315,660 for the year ended Dec. 31 Salary: $1,200,000…
UnitedHealth CEO Stephen Hemsley made more than $66 million in 2014

UnitedHealth CEO Stephen Hemsley made more than $66 million in 2014

CEO Pay Watch UnitedHealth Group Inc. Stephen Hemsley, CEO Total compensation: $66,125,208 for the year ended Dec. 31, 2014 Salary: $1,300,000 Non-equity incentive pay:…

Feb. 27: Life Time Fitness beats estimates with fourth-quarter earnings

4th-quarter revenue up 8.3 percent over last year.
Healthier companies provide superior results

Healthier companies provide superior results

Why a virtual portfolio of 42 Top Workplaces companies is outperforming the Standard & Poor's 500 index.
Feb. 6, 2015: Andersen to distribute employee profit sharing for first time in 5 years

Feb. 6, 2015: Andersen to distribute employee profit sharing for first time in 5 years

Eligible employees at Andersen Corp. will split $8 million.
CEO Pay Watch: Andrew Duff of Piper Jaffray

CEO Pay Watch: Andrew Duff of Piper Jaffray

CEO Pay Watch Piper Jaffray CompaniesAndrew Duff, chairman, CEOTotal compensation: $5,355,624 for the year ended Dec. 31Salary: $650,000Non-equity incentive pay: $3,403,400Other compensation: $312,136Exercised stock…
Ameriprise-owned asset management units unify under single brand

Ameriprise-owned asset management units unify under single brand

Columbia Threadneedle Investments brings two brands together with a new logo.
CEO Pay Watch: Sally Smith, Buffalo Wild Wings Inc.

CEO Pay Watch: Sally Smith, Buffalo Wild Wings Inc.

CEO Pay Watch Buffalo Wild Wings Inc.Sally Smith, president, CEOTotal compensation: $4,898,032 for the year ended Dec. 31Salary: $750,000Non-equity incentive pay: $1,184,725Other compensation: $161,634Value…
CEO Pay Watch: Daniel Starks, St. Jude Medical

CEO Pay Watch: Daniel Starks, St. Jude Medical

CEO Pay Watch St. Jude Medical Inc. Daniel Starks, chairman, president, CEO Total compensation: $6,823,764 for the year ended Dec. 31 Salary: $1,097,574 Non-equity…
CEO Pay Watch: Inge Thulin, 3M Co.

CEO Pay Watch: Inge Thulin, 3M Co.

His total compensation was $17,184,365 for the year that ended Dec. 31.

What analysts are saying: 'Buy' ratings maintained after Evine Live reports earnings

Evine Live in midst of ‘metamorphosis’ Evine Live reported its fourth-quarter and year-end results on Wednesday. The quarter was solid, with net sales up 4…
CEO Pay Watch: Chris Killingstad of Tennant Co.

CEO Pay Watch: Chris Killingstad of Tennant Co.

CEO Pay Watch Tennant Co. H. Chris Killingstad, president and CEO   Total compensation: $2,779,614 for the year ended Dec. 31 Salary: $684,896 Non-equity…
CEO Pay Watch: Richard Davis, U.S. Bancorp

CEO Pay Watch: Richard Davis, U.S. Bancorp

CEO Pay Watch U.S. Bancorp Richard Davis, chairman, president and CEO Total compensation: $18,137,729 for the year ended Dec. 31 Salary: $1,200,000 Non-equity incentive…
Obituary: George Zirnhelt leaves legacy of entrepreneurship and faith

Obituary: George Zirnhelt leaves legacy of entrepreneurship and faith

  George Zirnhelt, president and CEO of market research and consulting firm Power Systems Research, died Feb. 23 from injuries suffered in an accident while…

What analysts are saying: Downgrades at Fastenal, job cuts at Target

Downgrades for Fastenal, other distribution companies Last week, Ryan Merkel, an analyst with William Blair & Co., lowered ratings on several companies in the industrial…

Arctic Cat acquires premium snowmobile clothing maker Motorfist

New CEO 's first takeover, Motorfist, makes clothing, gear for snowmobilers.
CEO paywatch: Fastenal's Willard Oberton made $1.5 million last year

CEO paywatch: Fastenal's Willard Oberton made $1.5 million last year

CEO Pay Watch Fastenal Co. Willard Oberton Total compensation: $1,468,943 for the year ended Dec. 31 Salary: $597,500 Non-equity incentive pay: $867,564 Other compensation:…
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