FY2016 Earnings Estimate for Omnova Solutions Inc. Issued By KeyCorp (OMN)
Omnova Solutions Inc. (NYSE:OMN) – Equities research analysts at KeyCorp reduced their FY2016 earnings per share (EPS) estimates for Omnova Solutions in a report issued on Wednesday. KeyCorp analyst M. Sison now forecasts that the firm will post earnings per share of $0.50 for the year, down from their previous forecast of $0.60. KeyCorp also issued estimates for Omnova Solutions’ Q4 2016 earnings at $0.14 EPS and FY2017 earnings at $0.60 EPS.
Omnova Solutions (NYSE:OMN) last issued its earnings results on Thursday, September 22nd. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by $0.03. Omnova Solutions had a negative net margin of 1.05% and a positive return on equity of 18.39%. The firm earned $195.60 million during the quarter. During the same period in the previous year, the firm earned $0.13 earnings per share. The business’s quarterly revenue was down 7.3% on a year-over-year basis.
Several other equities research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Omnova Solutions from a “buy” rating to a “hold” rating in a report on Saturday, September 24th. TheStreet raised shares of Omnova Solutions from a “sell” rating to a “hold” rating in a report on Friday, July 22nd. Finally, Jefferies Group reaffirmed a “buy” rating on shares of Omnova Solutions in a report on Wednesday, July 6th.
Shares of Omnova Solutions (NYSE:OMN) opened at 8.44 on Friday. Omnova Solutions has a 52 week low of $4.37 and a 52 week high of $10.42. The company’s market cap is $380.86 million. The firm has a 50-day moving average of $9.44 and a 200 day moving average of $7.80.
In other Omnova Solutions news, Director James A. Mitarotonda bought 38,313 shares of the business’s stock in a transaction that occurred on Thursday, September 29th. The shares were acquired at an average cost of $8.11 per share, for a total transaction of $310,718.43. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Douglas E. Wenger sold 8,671 shares of Omnova Solutions stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $9.73, for a total transaction of $84,368.83. Following the sale, the senior vice president now owns 168,408 shares in the company, valued at $1,638,609.84. The disclosure for this sale can be found here. Corporate insiders own 6.76% of the company’s stock.
Large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in shares of Omnova Solutions by 2,157.4% in the first quarter. JPMorgan Chase & Co. now owns 3,031,851 shares of the company’s stock worth $16,857,000 after buying an additional 2,897,541 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of Omnova Solutions by 24.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,772,219 shares of the company’s stock worth $12,849,000 after buying an additional 345,602 shares during the period. Piermont Capital Management Inc. purchased a new position in shares of Omnova Solutions during the second quarter worth about $1,933,000. Emerald Acquisition Ltd. purchased a new position in shares of Omnova Solutions during the second quarter worth about $1,672,000. Finally, Wellington Management Group LLP increased its position in shares of Omnova Solutions by 5.8% in the first quarter. Wellington Management Group LLP now owns 3,465,825 shares of the company’s stock worth $19,270,000 after buying an additional 191,211 shares during the period. Institutional investors and hedge funds own 85.19% of the company’s stock.
About Omnova Solutions
OMNOVA Solutions Inc (OMNOVA) is a provider of emulsion polymers, specialty chemicals and engineered surfaces for commercial, industrial and residential end uses. The Company operates in two segments: Performance Chemicals and Engineered Surfaces. OMNOVA Performance Chemicals segment produces a range of emulsion polymers and specialty chemicals based primarily on styrene butadiene (SB), styrene butadiene acrylonitrile (SBA), styrene butadiene vinyl pyridine, nitrile butadiene (NBR), polyvinyl acetate, acrylic, styrene acrylic, vinyl acrylic, glyoxal, fluorochemical and bio-based chemistries.
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