Omnova Solutions Inc. (OMN) Posts Quarterly Earnings Results, Misses Expectations By $0.03 EPS
Omnova Solutions Inc. (NYSE:OMN) posted its quarterly earnings results on Thursday. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.17 by $0.03. Omnova Solutions had a negative net margin of 1.57% and a positive return on equity of 18.11%. The company earned $195.60 million during the quarter, compared to analyst estimates of $195.10 million. During the same period in the prior year, the business posted $0.13 EPS. Omnova Solutions’s revenue for the quarter was down 7.3% compared to the same quarter last year.
Omnova Solutions (NYSE:OMN) opened at 8.59 on Friday. Omnova Solutions has a 12 month low of $4.37 and a 12 month high of $10.42. The company has a 50-day moving average price of $9.60 and a 200 day moving average price of $7.70. The stock’s market capitalization is $386.68 million.
OMN has been the subject of several recent research reports. Jefferies Group reaffirmed a “buy” rating on shares of Omnova Solutions in a report on Wednesday, July 6th. TheStreet raised Omnova Solutions from a “sell” rating to a “hold” rating in a report on Friday, July 22nd. Finally, Zacks Investment Research cut Omnova Solutions from a “buy” rating to a “hold” rating in a report on Tuesday, June 7th.
In other news, SVP Douglas E. Wenger sold 8,671 shares of the business’s 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 sale, the senior vice president now owns 168,408 shares of the company’s stock, valued at approximately $1,638,609.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.76% of the company’s stock.
Large investors have recently made changes to their positions in the company. Barington Capital Group L.P. raised its stake in shares of Omnova Solutions by 4.6% in the first quarter. Barington Capital Group L.P. now owns 971,825 shares of the company’s stock valued at $5,403,000 after buying an additional 43,038 shares during the period. Wellington Management Group LLP raised its stake in shares of Omnova Solutions by 5.8% in the first quarter. Wellington Management Group LLP now owns 3,465,825 shares of the company’s stock valued at $19,270,000 after buying an additional 191,211 shares during the period. Royal Bank of Canada raised its stake in shares of Omnova Solutions by 3.4% in the first quarter. Royal Bank of Canada now owns 4,144,559 shares of the company’s stock valued at $23,043,000 after buying an additional 137,590 shares during the period. Alambic Investment Management L.P. raised its stake in shares of Omnova Solutions by 9.2% in the second quarter. Alambic Investment Management L.P. now owns 153,071 shares of the company’s stock valued at $1,110,000 after buying an additional 12,880 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Omnova Solutions by 2,157.4% in the first quarter. JPMorgan Chase & Co. now owns 3,031,851 shares of the company’s stock valued at $16,857,000 after buying an additional 2,897,541 shares during the period. 85.19% of the stock is currently owned by institutional investors and hedge funds.
About Omnova Solutions
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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