Panagora Asset Management Inc. grew its position in shares of OMNOVA Solutions Inc. (NYSE:OMN) by 11.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 442,448 shares of the specialty chemicals company’s stock after purchasing an additional 44,594 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.99% of OMNOVA Solutions worth $4,358,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its position in shares of OMNOVA Solutions by 0.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,741,000 shares of the specialty chemicals company’s stock valued at $46,699,000 after purchasing an additional 27,315 shares during the last quarter. BlackRock Inc. increased its position in shares of OMNOVA Solutions by 1.1% during the 3rd quarter. BlackRock Inc. now owns 3,342,736 shares of the specialty chemicals company’s stock valued at $32,925,000 after purchasing an additional 35,937 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of OMNOVA Solutions by 0.4% during 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 during the last quarter. Renaissance Technologies LLC increased its position in shares of OMNOVA Solutions by 3.8% during 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 during the last quarter. Finally, Scopus Asset Management L.P. increased its position in shares of OMNOVA Solutions by 8.8% during 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 during the last quarter. Hedge funds and other institutional investors own 91.21% of the company’s stock.
Shares of OMNOVA Solutions stock opened at $7.53 on Friday. The company has a debt-to-equity ratio of 6.77, a quick ratio of 1.43 and a current ratio of 2.07. The stock has a market cap of $342.87 million, a PE ratio of 13.40, a PEG ratio of 1.00 and a beta of 2.28. OMNOVA Solutions Inc. has a 12 month low of $7.36 and a 12 month high of $11.90.
OMNOVA Solutions (NYSE:OMN) last announced its quarterly earnings data on Wednesday, September 26th. The specialty chemicals company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.04). The firm had revenue of $193.60 million for the quarter, compared to the consensus estimate of $198.48 million. OMNOVA Solutions had a negative net margin of 10.34% and a positive return on equity of 56.32%. OMNOVA Solutions’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.25 earnings per share. Research analysts forecast that OMNOVA Solutions Inc. will post 0.62 EPS for the current year.
OMNOVA Solutions declared that its board has initiated a stock repurchase program on Wednesday, September 26th that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Separately, ValuEngine upgraded OMNOVA Solutions from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th.
OMNOVA Solutions Profile
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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