Weber Alan W cut its stake in OMNOVA Solutions Inc. (NYSE:OMN) by 17.0% during the second quarter, Holdings Channel reports. The institutional investor owned 378,900 shares of the specialty chemicals company’s stock after selling 77,800 shares during the period. OMNOVA Solutions makes up approximately 2.0% of Weber Alan W’s holdings, making the stock its 12th largest position. Weber Alan W’s holdings in OMNOVA Solutions were worth $3,694,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of the company. State Street Corp boosted its stake in OMNOVA Solutions by 4.0% in the fourth quarter. State Street Corp now owns 873,352 shares of the specialty chemicals company’s stock valued at $8,738,000 after buying an additional 33,771 shares during the period. Algert Global LLC boosted its stake in OMNOVA Solutions by 45.4% in the first quarter. Algert Global LLC now owns 78,613 shares of the specialty chemicals company’s stock valued at $778,000 after buying an additional 24,530 shares during the period. Nordea Investment Management AB boosted its stake in OMNOVA Solutions by 23.8% in the first quarter. Nordea Investment Management AB now owns 382,100 shares of the specialty chemicals company’s stock valued at $3,783,000 after buying an additional 73,400 shares during the period. JPMorgan Chase & Co. boosted its stake in OMNOVA Solutions by 0.8% in the first quarter. JPMorgan Chase & Co. now owns 535,264 shares of the specialty chemicals company’s stock valued at $5,299,000 after buying an additional 4,328 shares during the period. Finally, Trexquant Investment LP bought a new stake in OMNOVA Solutions during the first quarter valued at $261,000. Institutional investors and hedge funds own 87.28% of the company’s stock.
OMNOVA Solutions Inc. (OMN) opened at 8.80 on Thursday. OMNOVA Solutions Inc. has a 12-month low of $7.05 and a 12-month high of $10.42. The company’s market cap is $395.22 million. The company’s 50 day moving average is $9.52 and its 200 day moving average is $9.19.
OMNOVA Solutions (NYSE:OMN) last released its earnings results on Wednesday, June 28th. The specialty chemicals company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. OMNOVA Solutions had a negative net margin of 1.19% and a positive return on equity of 19.65%. The firm had revenue of $221.30 million for the quarter, compared to the consensus estimate of $204.40 million. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. Analysts forecast that OMNOVA Solutions Inc. will post $0.59 earnings per share for the current fiscal year.
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Several analysts have recently weighed in on OMN shares. ValuEngine upgraded shares of OMNOVA Solutions from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Zacks Investment Research upgraded shares of OMNOVA Solutions from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Friday, July 7th. BidaskClub cut shares of OMNOVA Solutions from a “hold” rating to a “sell” rating in a research report on Wednesday. Jefferies Group LLC restated a “buy” rating and set a $12.00 price objective on shares of OMNOVA Solutions in a research report on Friday, June 16th. Finally, Sidoti started coverage on shares of OMNOVA Solutions in a research report on Tuesday, June 13th. They set a “buy” rating and a $12.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $11.67.
OMNOVA Solutions Company Profile
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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