OMNOVA Solutions Inc. (NYSE:OMN) Short Interest Update
OMNOVA Solutions Inc. (NYSE:OMN) was the target of a large increase in short interest in June. As of June 30th, there was short interest totalling 499,800 shares, an increase of 58.6% from the May 30th total of 315,100 shares. Approximately 1.1% of the shares of the stock are sold short. Based on an average daily volume of 418,100 shares, the days-to-cover ratio is presently 1.2 days.
A number of hedge funds have recently bought and sold shares of OMN. New York State Teachers Retirement System acquired a new position in OMNOVA Solutions during the 1st quarter worth about $27,000. Legal & General Group Plc lifted its stake in shares of OMNOVA Solutions by 40.9% during the 4th quarter. Legal & General Group Plc now owns 8,760 shares of the specialty chemicals company’s stock valued at $64,000 after buying an additional 2,541 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in shares of OMNOVA Solutions by 1,304.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 9,114 shares of the specialty chemicals company’s stock valued at $64,000 after buying an additional 8,465 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in shares of OMNOVA Solutions by 365.3% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 14,907 shares of the specialty chemicals company’s stock valued at $109,000 after buying an additional 11,703 shares in the last quarter. Finally, Mackay Shields LLC purchased a new stake in OMNOVA Solutions in the 4th quarter worth $176,000. Hedge funds and other institutional investors own 91.86% of the company’s stock.
A number of brokerages have commented on OMN. ValuEngine raised shares of Vistra Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, July 3rd. Deutsche Bank reiterated a “hold” rating and set a GBX 350 ($4.57) price objective on shares of in a report on Friday, July 5th. Sidoti lowered shares of OMNOVA Solutions from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a report on Wednesday, July 3rd. Finally, Zacks Investment Research downgraded shares of ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $9.96.
OMNOVA Solutions (NYSE:OMN) last announced its quarterly earnings results on Wednesday, July 3rd. The specialty chemicals company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.10). OMNOVA Solutions had a net margin of 0.79% and a return on equity of 33.50%. The company had revenue of $205.70 million during the quarter, compared to the consensus estimate of $210.55 million. During the same quarter last year, the company earned $0.20 earnings per share. The business’s revenue was down .3% on a year-over-year basis. Analysts anticipate that OMNOVA Solutions will post 0.65 earnings per share for the current fiscal year.
About OMNOVA Solutions
OMNOVA Solutions Inc provides specialty solutions and performance materials for various commercial, industrial, and residential end uses in the United States, Europe, and Asia. Its Specialty Solutions segment designs, develops, produces, and markets specialty products for use 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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