Zacks Investment Research Lowers Omnova Solutions Inc. (OMN) to Sell
Omnova Solutions Inc. (NYSE:OMN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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. “
Several other analysts have also recently issued reports on OMN. Jefferies Group reaffirmed a “buy” rating on shares of Omnova Solutions in a research report on Thursday, June 30th. TheStreet raised Omnova Solutions from a “sell” rating to a “hold” rating in a research report on Friday, July 22nd.
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Shares of Omnova Solutions (NYSE:OMN) opened at 8.05 on Wednesday. The stock’s market cap is $363.26 million. Omnova Solutions has a 52-week low of $4.37 and a 52-week high of $10.42. The company’s 50-day moving average price is $9.06 and its 200-day moving average price is $8.06.
Omnova Solutions (NYSE:OMN) last announced 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 firm earned $195.60 million during the quarter. During the same quarter in the prior year, the business posted $0.13 earnings per share. The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. On average, equities research analysts forecast that Omnova Solutions will post $0.50 earnings per share for the current fiscal year.
In related news, Director James A. Mitarotonda bought 38,313 shares of the company’s stock in a transaction on Thursday, September 29th. The stock was bought at an average cost of $8.11 per share, with a total value of $310,718.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.76% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Paloma Partners Management Co acquired a new stake in Omnova Solutions during the second quarter valued at approximately $100,000. Panagora Asset Management Inc. acquired a new stake in Omnova Solutions during the second quarter valued at approximately $109,000. Cubist Systematic Strategies LLC acquired a new stake in Omnova Solutions during the second quarter valued at approximately $117,000. Acadian Asset Management LLC raised its stake in Omnova Solutions by 51.6% in the second quarter. Acadian Asset Management LLC now owns 18,472 shares of the company’s stock valued at $134,000 after buying an additional 6,290 shares in the last quarter. Finally, KCG Holdings Inc. acquired a new stake in Omnova Solutions during the second quarter valued at approximately $139,000. Institutional investors and hedge funds own 84.98% 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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