Omnova Solutions Inc. (OMN) Trading Down 7.5%
Shares of Omnova Solutions Inc. (NYSE:OMN) were down 7.5% on Monday . The company traded as low as $8.48 and last traded at $8.76, with a volume of 500,011 shares traded. The stock had previously closed at $9.47.
Several analysts have weighed in on OMN shares. Zacks Investment Research upgraded Omnova Solutions from a “hold” rating to a “buy” rating and set a $6.50 price objective for the company in a research report on Friday, April 8th. Jefferies Group reissued a “buy” rating on shares of Omnova Solutions in a report on Thursday, June 30th. Finally, TheStreet raised Omnova Solutions from a “sell” rating to a “hold” rating in a report on Friday, July 22nd.
The firm’s market capitalization is $405.10 million. The firm has a 50-day moving average price of $8.23 and a 200-day moving average price of $6.60.
Omnova Solutions (NYSE:OMN) last posted its quarterly earnings results on Wednesday, June 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.04. The company had revenue of $202 million for the quarter, compared to analyst estimates of $205.40 million. During the same quarter in the previous year, the business posted $0.11 earnings per share. Omnova Solutions’s revenue was down 8.3% on a year-over-year basis. Equities analysts forecast that Omnova Solutions Inc. will post $0.57 earnings per share for the current fiscal year.
In related news, SVP Douglas E. Wenger sold 8,671 shares of Omnova Solutions stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $9.73, for a total transaction of $84,368.83. Following the completion of the transaction, the senior vice president now directly owns 168,408 shares in the company, valued at approximately $1,638,609.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Several hedge funds and institutional investors recently modified their holdings of the company. GSA Capital Partners LLP increased its position in shares of Omnova Solutions by 13.3% in the fourth quarter. GSA Capital Partners LLP now owns 199,132 shares of the company’s stock valued at $1,221,000 after buying an additional 23,426 shares in the last quarter. Russell Frank Co increased its position in shares of Omnova Solutions by 10.6% in the fourth quarter. Russell Frank Co now owns 250,132 shares of the company’s stock valued at $1,549,000 after buying an additional 23,992 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Omnova Solutions by 3.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,453,150 shares of the company’s stock valued at $8,908,000 after buying an additional 46,278 shares in the last quarter.
OMNOVA Solutions Inc (OMNOVA) is a provider of emulsion polymers, specialty chemicals and engineered surfaces for commercial, industrial and residential end uses. The Company operates in two segments: Performance Chemicals and Engineered Surfaces. OMNOVA Performance Chemicals segment produces a range of emulsion polymers and specialty chemicals based primarily on styrene butadiene (SB), styrene butadiene acrylonitrile (SBA), styrene butadiene vinyl pyridine, nitrile butadiene (NBR), polyvinyl acetate, acrylic, styrene acrylic, vinyl acrylic, glyoxal, fluorochemical and bio-based chemistries.
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