Bank of New York Mellon Corp Purchases 7,433 Shares of OMNOVA Solutions Inc. (OMN)
Bank of New York Mellon Corp lifted its position in shares of OMNOVA Solutions Inc. (NYSE:OMN) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,023,745 shares of the specialty chemicals company’s stock after buying an additional 7,433 shares during the quarter. Bank of New York Mellon Corp owned approximately 6.73% of OMNOVA Solutions worth $29,481,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of OMN. Wellington Management Group LLP grew its position in shares of OMNOVA Solutions by 10.5% during the 1st quarter. Wellington Management Group LLP now owns 4,406,794 shares of the specialty chemicals company’s stock worth $43,627,000 after buying an additional 420,349 shares in the last quarter. AQR Capital Management LLC grew its position in shares of OMNOVA Solutions by 144.6% during the 1st quarter. AQR Capital Management LLC now owns 439,640 shares of the specialty chemicals company’s stock worth $4,352,000 after buying an additional 259,934 shares in the last quarter. Teachers Advisors LLC grew its position in shares of OMNOVA Solutions by 80.9% during the 4th quarter. Teachers Advisors LLC now owns 231,691 shares of the specialty chemicals company’s stock worth $2,317,000 after buying an additional 103,649 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new position in shares of OMNOVA Solutions during the 2nd quarter worth $1,001,000. Finally, ClariVest Asset Management LLC grew its position in shares of OMNOVA Solutions by 20.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 492,290 shares of the specialty chemicals company’s stock worth $4,799,000 after buying an additional 84,932 shares in the last quarter. 88.01% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research downgraded OMNOVA Solutions from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. BidaskClub downgraded OMNOVA Solutions from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Sidoti initiated coverage on OMNOVA Solutions in a research report on Tuesday, June 13th. They set a “buy” rating and a $12.00 price objective on the stock. KeyCorp reaffirmed a “hold” rating on shares of OMNOVA Solutions in a research report on Thursday, August 24th. Finally, ValuEngine raised OMNOVA Solutions from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $11.67.
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Shares of OMNOVA Solutions Inc. (NYSE:OMN) opened at 9.15 on Tuesday. OMNOVA Solutions Inc. has a 12 month low of $7.05 and a 12 month high of $10.27. The company’s 50-day moving average price is $9.04 and its 200-day moving average price is $9.14. The company’s market cap is $410.94 million.
OMNOVA Solutions (NYSE:OMN) last released its earnings results on Wednesday, June 28th. The specialty chemicals company reported $0.16 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.16. OMNOVA Solutions had a positive return on equity of 18.52% and a negative net margin of 1.19%. The firm had revenue of $221.30 million during the quarter, compared to analysts’ expectations of $204.40 million. During the same period in the previous year, the firm posted $0.18 EPS. OMNOVA Solutions’s revenue for the quarter was up 9.6% on a year-over-year basis. Equities analysts forecast that OMNOVA Solutions Inc. will post $0.59 EPS for the current fiscal year.
OMNOVA Solutions Profile
OMNOVA Solutions Inc is a provider of emulsion polymers, specialty chemicals and engineered surfaces for commercial, industrial and residential end uses. The Company’s segments include Performance Chemicals and Engineered Surfaces. The Performance Chemicals segment produces a range of emulsion polymers and specialty chemicals based on styrene butadiene, styrene butadiene acrylonitrile, styrene butadiene vinyl pyridine, nitrile butadiene, polyvinyl acetate, acrylic, styrene acrylic, vinyl acrylic, glyoxal, fluorochemical and bio-based chemistries.
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