Public Employees Retirement System of Ohio boosted its holdings in OMNOVA Solutions Inc. (NYSE:OMN) by 18.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 126,886 shares of the specialty chemicals company’s stock after purchasing an additional 20,000 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.28% of OMNOVA Solutions worth $1,320,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Gamco Investors INC. ET AL grew its holdings in OMNOVA Solutions by 2.4% in the second quarter. Gamco Investors INC. ET AL now owns 1,023,990 shares of the specialty chemicals company’s stock worth $10,649,000 after purchasing an additional 23,600 shares during the period. Bank of New York Mellon Corp grew its holdings in OMNOVA Solutions by 7.4% in the second quarter. Bank of New York Mellon Corp now owns 4,713,685 shares of the specialty chemicals company’s stock worth $49,021,000 after purchasing an additional 326,115 shares during the period. Martingale Asset Management L P grew its holdings in OMNOVA Solutions by 55.4% in the second quarter. Martingale Asset Management L P now owns 125,801 shares of the specialty chemicals company’s stock worth $1,309,000 after purchasing an additional 44,872 shares during the period. Scopus Asset Management L.P. lifted its stake in shares of OMNOVA Solutions by 8.8% in the second quarter. Scopus Asset Management L.P. now owns 1,150,000 shares of the specialty chemicals company’s stock worth $11,960,000 after buying an additional 93,092 shares in the last quarter. Finally, Teton Advisors Inc. lifted its stake in shares of OMNOVA Solutions by 13.3% in the second quarter. Teton Advisors Inc. now owns 355,900 shares of the specialty chemicals company’s stock worth $3,701,000 after buying an additional 41,838 shares in the last quarter. Institutional investors and hedge funds own 90.80% of the company’s stock.
Separately, ValuEngine upgraded shares of OMNOVA Solutions from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th.
Shares of NYSE OMN opened at $8.85 on Friday. The company has a market capitalization of $442.06 million, a PE ratio of 16.25, a PEG ratio of 1.59 and a beta of 2.04. OMNOVA Solutions Inc. has a 52-week low of $8.30 and a 52-week high of $11.90. The company has a debt-to-equity ratio of 6.77, a quick ratio of 1.43 and a current ratio of 2.07.
OMNOVA Solutions (NYSE:OMN) last issued its earnings results on Wednesday, September 26th. The specialty chemicals company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.04). The firm had revenue of $193.60 million during the quarter, compared to the consensus estimate of $198.48 million. OMNOVA Solutions had a positive return on equity of 56.32% and a negative net margin of 10.34%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 EPS. On average, research analysts anticipate that OMNOVA Solutions Inc. will post 0.62 earnings per share for the current year.
OMNOVA Solutions declared that its Board of Directors has initiated a stock repurchase program on Wednesday, September 26th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the specialty chemicals company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
About OMNOVA Solutions
OMNOVA Solutions Inc provides emulsion polymers, specialty chemicals, and engineered surfaces for various commercial, industrial, and residential end uses in the United States, Europe, and Asia. The company operates in two segments, Specialty Solutions and Performance Materials. The Specialty Solutions segment designs, develops, produces, and markets specialty polymers which are used 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.
Further Reading: Stock Symbols and CUSIP Explained
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