Gamco Investors INC. ET AL raised its holdings in OMNOVA Solutions Inc. (NYSE:OMN) by 7.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,100,990 shares of the specialty chemicals company’s stock after buying an additional 77,000 shares during the quarter. Gamco Investors INC. ET AL owned approximately 2.45% of OMNOVA Solutions worth $10,845,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of OMN. Bank of New York Mellon Corp lifted its stake in shares of OMNOVA Solutions by 7.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,713,685 shares of the specialty chemicals company’s stock valued at $49,021,000 after purchasing an additional 326,115 shares in the last quarter. BlackRock Inc. lifted its stake in shares of OMNOVA Solutions by 5.0% in the 2nd quarter. BlackRock Inc. now owns 3,306,799 shares of the specialty chemicals company’s stock valued at $34,391,000 after purchasing an additional 158,564 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of OMNOVA Solutions by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,246,167 shares of the specialty chemicals company’s stock valued at $23,360,000 after purchasing an additional 9,996 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of OMNOVA Solutions by 3.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,874,275 shares of the specialty chemicals company’s stock valued at $19,492,000 after purchasing an additional 67,800 shares in the last quarter. Finally, Scopus Asset Management L.P. lifted its stake in shares of OMNOVA Solutions by 8.8% in the 2nd quarter. Scopus Asset Management L.P. now owns 1,150,000 shares of the specialty chemicals company’s stock valued at $11,960,000 after purchasing an additional 93,092 shares in the last quarter. Institutional investors own 91.53% of the company’s stock.
Separately, ValuEngine raised OMNOVA Solutions from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th.
NYSE OMN opened at $7.84 on Friday. The stock has a market capitalization of $374.74 million, a PE ratio of 14.00, a PEG ratio of 1.35 and a beta of 2.24. OMNOVA Solutions Inc. has a 1-year low of $7.36 and a 1-year high of $11.90. The company has a current ratio of 2.07, a quick ratio of 1.43 and a debt-to-equity ratio of 6.77.
OMNOVA Solutions (NYSE:OMN) last released its quarterly earnings data on Wednesday, September 26th. The specialty chemicals company reported $0.18 earnings per share 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 analyst estimates of $198.48 million. OMNOVA Solutions had a negative net margin of 10.34% and a positive return on equity of 56.32%. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share. Sell-side analysts expect that OMNOVA Solutions Inc. will post 0.62 EPS for the current fiscal year.
OMNOVA Solutions declared that its board has authorized a stock repurchase plan 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 repurchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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.
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