Omnova Solutions Inc. (OMN) Announces Quarterly Earnings Results
Omnova Solutions Inc. (NYSE:OMN) announced its earnings results on Thursday. The company reported $0.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by $0.03. Omnova Solutions had a negative net margin of 1.57% and a positive return on equity of 18.11%. The business had revenue of $195.60 million for the quarter, compared to analyst estimates of $195.10 million.
Shares of Omnova Solutions (NYSE:OMN) opened at 10.05 on Thursday. Omnova Solutions has a 1-year low of $4.37 and a 1-year high of $10.42. The firm’s 50-day moving average price is $9.62 and its 200 day moving average price is $7.70. The stock’s market cap is $452.40 million.
Several research analysts recently issued reports on OMN shares. Zacks Investment Research lowered Omnova Solutions from a “buy” rating to a “hold” rating in a research report on Tuesday, June 7th. TheStreet raised Omnova Solutions from a “sell” rating to a “hold” rating in a research report on Friday, July 22nd. Finally, Jefferies Group reaffirmed a “buy” rating on shares of Omnova Solutions in a research report on Thursday, June 30th.
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In other news, SVP Douglas E. Wenger sold 8,671 shares of the firm’s stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 168,408 shares in the company, valued at $1,638,609.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 6.76% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Panagora Asset Management Inc. bought a new position in Omnova Solutions during the second quarter worth about $109,000. A.R.T. Advisors LLC bought a new position in Omnova Solutions during the second quarter worth about $275,000. Menta Capital LLC raised its position in Omnova Solutions by 54.9% in the second quarter. Menta Capital LLC now owns 138,272 shares of the company’s stock worth $1,002,000 after buying an additional 49,023 shares during the period. KCG Holdings Inc. bought a new position in Omnova Solutions during the second quarter worth about $139,000. Finally, Piermont Capital Management Inc. bought a new position in Omnova Solutions during the second quarter worth about $1,933,000. Hedge funds and other institutional investors 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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