Wellington Management Group LLP Increases Position in OMNOVA Solutions Inc. (OMN)
Wellington Management Group LLP increased its stake in OMNOVA Solutions Inc. (NYSE:OMN) by 10.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,406,794 shares of the specialty chemicals company’s stock after buying an additional 420,349 shares during the period. Wellington Management Group LLP owned approximately 0.10% of OMNOVA Solutions worth $43,627,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Envestnet Asset Management Inc. increased its stake in shares of OMNOVA Solutions by 4.9% in the first quarter. Envestnet Asset Management Inc. now owns 10,146 shares of the specialty chemicals company’s stock valued at $100,000 after buying an additional 472 shares during the period. Acrospire Investment Management LLC increased its stake in shares of OMNOVA Solutions by 24.1% in the first quarter. Acrospire Investment Management LLC now owns 13,344 shares of the specialty chemicals company’s stock valued at $132,000 after buying an additional 2,590 shares during the period. Nine Chapters Capital Management LLC bought a new stake in shares of OMNOVA Solutions during the first quarter valued at $142,000. Karp Capital Management Corp bought a new stake in shares of OMNOVA Solutions during the first quarter valued at $158,000. Finally, A.R.T. Advisors LLC bought a new stake in shares of OMNOVA Solutions during the fourth quarter valued at $198,000. Institutional investors own 87.47% of the company’s stock.
OMNOVA Solutions Inc. (OMN) traded down 2.82% on Tuesday, hitting $8.60. The stock had a trading volume of 8,686 shares. The stock has a market cap of $386.43 million, a P/E ratio of 87.76 and a beta of 2.11. OMNOVA Solutions Inc. has a one year low of $5.90 and a one year high of $10.42. The company’s 50-day moving average is $8.87 and its 200-day moving average is $9.25.
OMNOVA Solutions (NYSE:OMN) last announced its earnings results on Wednesday, March 29th. The specialty chemicals company reported $0.05 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.05. OMNOVA Solutions had a return on equity of 19.84% and a net margin of 0.55%. The business had revenue of $174.60 million for the quarter, compared to analyst estimates of $169.70 million. During the same period in the previous year, the company earned $0.04 earnings per share. The company’s revenue for the quarter was down .4% compared to the same quarter last year. On average, analysts anticipate that OMNOVA Solutions Inc. will post $0.58 earnings per share for the current fiscal year.
Several brokerages have weighed in on OMN. Zacks Investment Research upgraded OMNOVA Solutions from a “sell” rating to a “hold” rating in a report on Wednesday, March 15th. Jefferies Group LLC reaffirmed a “buy” rating and set a $12.00 price objective on shares of OMNOVA Solutions in a research report on Friday. Sidoti began coverage on OMNOVA Solutions in a research report on Tuesday, June 13th. They set a “buy” rating and a $12.00 price objective for the company. Finally, ValuEngine raised OMNOVA Solutions from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $11.33.
In other news, SVP James C. Lemay sold 34,239 shares of OMNOVA Solutions stock in a transaction dated Wednesday, April 5th. The stock was sold at an average price of $9.35, for a total transaction of $320,134.65. Following the sale, the senior vice president now directly owns 126,833 shares of the company’s stock, valued at $1,185,888.55. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Janet Plaut Giesselman sold 6,000 shares of OMNOVA Solutions stock in a transaction dated Thursday, April 20th. The stock was sold at an average price of $9.10, for a total value of $54,600.00. The disclosure for this sale can be found here. 4.82% of the stock is currently owned by insiders.
About OMNOVA Solutions
OMNOVA Solutions Inc is a provider of emulsion polymers, specialty chemicals and engineered surfaces for commercial, industrial and residential end uses. The Company’s segments include Performance Chemicals and Engineered Surfaces. The Performance Chemicals segment produces a range of emulsion polymers and specialty chemicals based on styrene butadiene, styrene butadiene acrylonitrile, styrene butadiene vinyl pyridine, nitrile butadiene, polyvinyl acetate, acrylic, styrene acrylic, vinyl acrylic, glyoxal, fluorochemical and bio-based chemistries.
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