OMNOVA Solutions Inc. (OMN) Lowered to Hold at Zacks Investment Research
OMNOVA Solutions Inc. (NYSE:OMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and 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 research firms have also weighed in on OMN. ValuEngine raised OMNOVA Solutions from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. BidaskClub lowered OMNOVA Solutions from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Jefferies Group LLC reissued a “buy” rating and issued a $12.00 target price on shares of OMNOVA Solutions in a research note on Friday, June 16th. Sidoti initiated coverage on OMNOVA Solutions in a research note on Tuesday, June 13th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, KeyCorp reissued a “hold” rating on shares of OMNOVA Solutions in a research note on Thursday, August 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $11.67.
Shares of OMNOVA Solutions (OMN) traded up 1.14% during trading on Wednesday, reaching $8.90. The company had a trading volume of 87,045 shares. The company has a 50 day moving average of $9.06 and a 200-day moving average of $9.15. OMNOVA Solutions has a 52-week low of $7.05 and a 52-week high of $10.27. The firm’s market capitalization is $399.71 million.
OMNOVA Solutions (NYSE:OMN) last released its earnings results on Wednesday, June 28th. The specialty chemicals company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. OMNOVA Solutions had a positive return on equity of 18.52% and a negative net margin of 1.19%. The firm had revenue of $221.30 million for the quarter, compared to analyst estimates of $204.40 million. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The company’s quarterly revenue was up 9.6% on a year-over-year basis. Equities analysts expect that OMNOVA Solutions will post $0.59 earnings per share for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its position in shares of OMNOVA Solutions by 4.9% during the first quarter. Envestnet Asset Management Inc. now owns 10,146 shares of the specialty chemicals company’s stock worth $100,000 after purchasing an additional 472 shares during the period. Acrospire Investment Management LLC raised its position in shares of OMNOVA Solutions by 24.1% during the first quarter. Acrospire Investment Management LLC now owns 13,344 shares of the specialty chemicals company’s stock worth $132,000 after purchasing an additional 2,590 shares during the period. Nine Chapters Capital Management LLC acquired a new stake in shares of OMNOVA Solutions during the first quarter worth about $142,000. Karp Capital Management Corp acquired a new stake in shares of OMNOVA Solutions during the first quarter worth about $158,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of OMNOVA Solutions during the second quarter worth about $185,000. 88.01% of the stock is currently owned by institutional investors.
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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