Omnova Solutions Inc. (NYSE:OMN) rose 4.3% during mid-day trading on Friday following insider buying activity. The stock traded as high as $8.53 and last traded at $8.40, with a volume of 325,385 shares trading hands. The stock had previously closed at $8.05.
Specifically, Director James A. Mitarotonda acquired 38,313 shares of Omnova Solutions stock in a transaction dated Thursday, September 29th. The stock was purchased at an average cost of $8.11 per share, for a total transaction of $310,718.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Douglas E. Wenger sold 8,671 shares of Omnova Solutions stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $9.73, for a total transaction of $84,368.83. Following the transaction, the senior vice president now owns 168,408 shares of the company’s stock, valued at $1,638,609.84. The disclosure for this sale can be found here. Insiders own 6.76% of the company’s stock.
OMN has been the subject of a number of analyst reports. Jefferies Group reiterated a “buy” rating on shares of Omnova Solutions in a report on Wednesday, July 6th. TheStreet upgraded shares of Omnova Solutions from a “sell” rating to a “hold” rating in a report on Friday, July 22nd. Finally, Zacks Investment Research cut shares of Omnova Solutions from a “buy” rating to a “hold” rating in a report on Tuesday, June 7th.
The firm has a 50-day moving average of $9.46 and a 200-day moving average of $7.78. The stock’s market cap is $379.06 million.
Omnova Solutions (NYSE:OMN) last issued its quarterly earnings data on Thursday, September 22nd. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by $0.03. Omnova Solutions had a positive return on equity of 18.39% and a negative net margin of 1.05%. The company earned $195.60 million during the quarter. During the same period in the previous year, the business earned $0.13 EPS. The company’s quarterly revenue was down 7.3% on a year-over-year basis. On average, equities analysts predict that Omnova Solutions Inc. will post $0.50 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of OMN. Paloma Partners Management Co bought a new position in shares of Omnova Solutions during the second quarter valued at approximately $100,000. Panagora Asset Management Inc. acquired a new position in shares of Omnova Solutions during the second quarter valued at about $109,000. Cubist Systematic Strategies LLC acquired a new position in shares of Omnova Solutions during the second quarter valued at about $117,000. Acadian Asset Management LLC raised its position in shares of Omnova Solutions by 51.6% in the second quarter. Acadian Asset Management LLC now owns 18,472 shares of the company’s stock valued at $134,000 after buying an additional 6,290 shares during the last quarter. Finally, KCG Holdings Inc. acquired a new position in shares of Omnova Solutions during the second quarter valued at about $139,000. Institutional investors and hedge funds own 85.19% of the company’s stock.
Omnova Solutions Company Profile
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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