Omnova Solutions Inc. (NYSE:OMN) announced its quarterly earnings results on Thursday. The company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by $0.03. The firm had revenue of $195.60 million for the quarter. Omnova Solutions had a negative net margin of 1.57% and a positive return on equity of 18.11%. The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.13 earnings per share.
Shares of Omnova Solutions (NYSE:OMN) opened at 8.19 on Monday. The company has a 50-day moving average of $9.58 and a 200 day moving average of $7.72. Omnova Solutions has a one year low of $4.37 and a one year high of $10.42. The stock’s market cap is $368.67 million.
Several brokerages recently weighed in on OMN. Zacks Investment Research downgraded shares of Omnova Solutions from a “buy” rating to a “hold” rating in a research report on Tuesday, June 7th. TheStreet raised shares of Omnova Solutions from a “sell” rating to a “hold” rating in a research report on Friday, July 22nd. Finally, Jefferies Group reissued a “buy” rating on shares of Omnova Solutions in a research report on Wednesday, July 6th.
In other Omnova Solutions news, SVP Douglas E. Wenger sold 8,671 shares of the business’s stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $9.73, for a total value of $84,368.83. Following the completion of the sale, the senior vice president now directly owns 168,408 shares of the company’s stock, valued at approximately $1,638,609.84. The transaction was disclosed in a filing with the SEC, which is available through this link. 6.76% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in 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. Menta Capital LLC boosted its stake in Omnova Solutions by 25.2% in the first quarter. Menta Capital LLC now owns 89,249 shares of the company’s stock valued at $496,000 after buying an additional 17,936 shares during the period. Spark Investment Management LLC boosted its stake in Omnova Solutions by 48.1% in the first quarter. Spark Investment Management LLC now owns 255,700 shares of the company’s stock valued at $1,421,000 after buying an additional 83,000 shares during the period. Goldman Sachs Group Inc. boosted its stake in Omnova Solutions by 534.6% in the first quarter. Goldman Sachs Group Inc. now owns 126,856 shares of the company’s stock valued at $705,000 after buying an additional 106,867 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Omnova Solutions by 3.2% in the first quarter. Geode Capital Management LLC now owns 279,690 shares of the company’s stock valued at $1,555,000 after buying an additional 8,676 shares during the period. 85.19% of the stock is owned by institutional investors.
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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