Brokers Issue Forecasts for OMNOVA Solutions Inc.’s Q3 2017 Earnings (NYSE:OMN)
OMNOVA Solutions Inc. (NYSE:OMN) – Analysts at KeyCorp reduced their Q3 2017 earnings per share (EPS) estimates for OMNOVA Solutions in a report released on Sunday. KeyCorp analyst M. Sison now forecasts that the specialty chemicals company will earn $0.16 per share for the quarter, down from their prior forecast of $0.17. KeyCorp also issued estimates for OMNOVA Solutions’ Q4 2017 earnings at $0.18 EPS.
OMNOVA Solutions (NYSE:OMN) last posted its quarterly earnings data on Wednesday, June 28th. The specialty chemicals company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.16. The company had revenue of $221.30 million for the quarter, compared to the consensus estimate of $204.40 million. OMNOVA Solutions had a negative net margin of 1.19% and a positive return on equity of 19.65%. The firm’s revenue was up 9.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 earnings per share.
A number of other research analysts have also issued reports on OMN. Zacks Investment Research upgraded OMNOVA Solutions from a “sell” rating to a “hold” rating in a research report on Saturday, April 8th. ValuEngine upgraded OMNOVA Solutions from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Sidoti started coverage on OMNOVA Solutions in a report on Tuesday, June 13th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Jefferies Group LLC restated a “buy” rating and issued a $12.00 price objective on shares of OMNOVA Solutions in a report on Friday, June 16th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $11.67.
OMNOVA Solutions (NYSE:OMN) opened at 10.05 on Tuesday. The company has a 50 day moving average of $8.85 and a 200-day moving average of $9.20. OMNOVA Solutions has a 12-month low of $7.05 and a 12-month high of $10.42. The stock’s market cap is $451.36 million.
In other news, Director Janet Plaut Giesselman sold 6,000 shares of OMNOVA Solutions stock in a transaction on Thursday, April 20th. The stock was sold at an average price of $9.10, for a total transaction of $54,600.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.82% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Karp Capital Management Corp bought a new position in OMNOVA Solutions during the first quarter valued at approximately $158,000. Acrospire Investment Management LLC raised its position in OMNOVA Solutions by 24.1% in the first quarter. Acrospire Investment Management LLC now owns 13,344 shares of the specialty chemicals company’s stock valued at $132,000 after buying an additional 2,590 shares in the last quarter. Bank of New York Mellon Corp raised its position in OMNOVA Solutions by 8.5% in the first quarter. Bank of New York Mellon Corp now owns 3,016,312 shares of the specialty chemicals company’s stock valued at $29,862,000 after buying an additional 236,605 shares in the last quarter. American Century Companies Inc. raised its position in OMNOVA Solutions by 33.9% in the first quarter. American Century Companies Inc. now owns 278,881 shares of the specialty chemicals company’s stock valued at $2,761,000 after buying an additional 70,630 shares in the last quarter. Finally, Algert Global LLC raised its position in OMNOVA Solutions by 45.4% in the first quarter. Algert Global LLC now owns 78,613 shares of the specialty chemicals company’s stock valued at $778,000 after buying an additional 24,530 shares in the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.
OMNOVA Solutions Company 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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