Omnova Solutions Inc. (OMN) Stock Rating Upgraded by Zacks Investment Research
Omnova Solutions Inc. (NYSE:OMN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Omnova Solutions Inc. develops, manufactures and markets emulsion polymers, specialty chemicals and decorative and building products for a variety of industrial, commercial and consumer markets. The Performance Chemicals unit’s broad range of emulsion polymers and specialty chemicals are used as coatings, binders, adhesives, and additives for paper, carpet, textile and various other industries. “
Omnova Solutions (NYSE:OMN) opened at 9.30 on Wednesday. The firm’s market capitalization is $419.67 million. Omnova Solutions has a one year low of $4.37 and a one year high of $10.42. The stock has a 50 day moving average of $8.27 and a 200 day moving average of $8.39.
Omnova Solutions (NYSE:OMN) last released its quarterly earnings data on Thursday, September 22nd. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by $0.03. Omnova Solutions had a positive return on equity of 18.39% and a negative net margin of 1.05%. The business had revenue of $195.60 million for the quarter. During the same period in the prior year, the company posted $0.13 EPS. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. Analysts forecast that Omnova Solutions will post $0.50 earnings per share for the current year.
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In other news, Director James A. Mitarotonda bought 38,313 shares of the firm’s stock in a transaction dated Thursday, September 29th. The stock was acquired at an average cost of $8.11 per share, for a total transaction of $310,718.43. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 6.76% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in OMN. 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 valued at $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 valued at $1,933,000. Emerald Acquisition Ltd. purchased a new position in shares of Omnova Solutions during the second quarter valued at $1,672,000. Schwab Charles Investment Management Inc. increased its position in shares of Omnova Solutions by 123.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 332,674 shares of the company’s stock valued at $2,412,000 after buying an additional 184,095 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. increased its position in shares of Omnova Solutions by 2,027.5% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 189,350 shares of the company’s stock valued at $1,597,000 after buying an additional 180,450 shares during the period. Institutional investors and hedge funds own 85.97% 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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