Northern Trust Corp boosted its position in OMNOVA Solutions Inc. (NYSE:OMN) by 4.5% during the second quarter, Holdings Channel reports. The fund owned 697,692 shares of the specialty chemicals company’s stock after acquiring an additional 30,053 shares during the period. Northern Trust Corp’s holdings in OMNOVA Solutions were worth $7,256,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Acadian Asset Management LLC acquired a new position in OMNOVA Solutions during the 2nd quarter worth $305,000. Wedge Capital Management L L P NC boosted its position in OMNOVA Solutions by 5.6% during the 2nd quarter. Wedge Capital Management L L P NC now owns 201,245 shares of the specialty chemicals company’s stock worth $2,093,000 after acquiring an additional 10,660 shares during the period. Engineers Gate Manager LP acquired a new position in OMNOVA Solutions during the 2nd quarter worth $205,000. Bank of New York Mellon Corp boosted its position in OMNOVA Solutions by 7.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,713,685 shares of the specialty chemicals company’s stock worth $49,021,000 after acquiring an additional 326,115 shares during the period. Finally, Strs Ohio boosted its position in OMNOVA Solutions by 9.9% during the 2nd quarter. Strs Ohio now owns 75,700 shares of the specialty chemicals company’s stock worth $787,000 after acquiring an additional 6,800 shares during the period. 91.91% of the stock is currently owned by institutional investors and hedge funds.

Shares of OMN stock opened at $8.52 on Friday. The company has a quick ratio of 1.43, a current ratio of 2.07 and a debt-to-equity ratio of 6.77. OMNOVA Solutions Inc. has a 1 year low of $7.36 and a 1 year high of $11.90. The firm has a market cap of $343.32 million, a price-to-earnings ratio of 15.21, a price-to-earnings-growth ratio of 1.23 and a beta of 2.24.

OMNOVA Solutions (NYSE:OMN) last announced its quarterly earnings results on Wednesday, September 26th. The specialty chemicals company reported $0.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.04). OMNOVA Solutions had a positive return on equity of 56.32% and a negative net margin of 10.34%. The business had revenue of $193.60 million for the quarter, compared to analyst estimates of $198.48 million. During the same quarter last year, the firm posted $0.25 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. Equities analysts expect that OMNOVA Solutions Inc. will post 0.62 EPS for the current year.

OMNOVA Solutions announced that its board has approved a share buyback program on Wednesday, September 26th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the specialty chemicals company to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Separately, ValuEngine lowered OMNOVA Solutions from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd.

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OMNOVA Solutions Profile

OMNOVA Solutions Inc provides emulsion polymers, specialty chemicals, and engineered surfaces for various commercial, industrial, and residential end uses in the United States, Europe, and Asia. The company operates in two segments, Specialty Solutions and Performance Materials. The Specialty Solutions segment designs, develops, produces, and markets specialty polymers which are used in various applications, such as architectural and industrial coatings; nonwovens used in hygiene products, filtration, and construction; drilling additives for oil and gas drilling, cementing, and fracking; elastomeric modification of plastic casings and hoses used in household, industrial products, and automobiles; tapes and adhesives; sports surfaces; textile finishes; commercial building refurbishment; new construction; residential cabinets; flooring; ceiling tiles; furnishings; manufactured housing; health care patient; common area furniture; and various industrial films applications.

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Institutional Ownership by Quarter for OMNOVA Solutions (NYSE:OMN)

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