Municipal Employees Retirement System of Michigan purchased a new stake in shares of OMNOVA Solutions Inc. (NYSE:OMN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 102,640 shares of the specialty chemicals company’s stock, valued at approximately $1,001,000. Municipal Employees Retirement System of Michigan owned approximately 0.23% of OMNOVA Solutions at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the stock. Envestnet Asset Management Inc. boosted 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 worth $100,000 after buying an additional 472 shares during the period. Acrospire Investment Management LLC boosted 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 worth $132,000 after buying an additional 2,590 shares during the period. Nine Chapters Capital Management LLC acquired a new stake in shares of OMNOVA Solutions during the first quarter worth $142,000. Karp Capital Management Corp acquired a new stake in shares of OMNOVA Solutions during the first quarter worth $158,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of OMNOVA Solutions during the second quarter worth $185,000. Institutional investors own 87.28% of the company’s stock.
Shares of OMNOVA Solutions Inc. (NYSE OMN) opened at 8.70 on Friday. OMNOVA Solutions Inc. has a one year low of $7.05 and a one year high of $10.42. The firm has a 50-day moving average of $9.53 and a 200-day moving average of $9.18. The stock’s market cap is $390.73 million.
OMNOVA Solutions (NYSE:OMN) last posted its earnings results on Wednesday, June 28th. The specialty chemicals company reported $0.16 EPS for the quarter, meeting analysts’ consensus estimates of $0.16. The business had revenue of $221.30 million for the quarter, compared to the consensus estimate of $204.40 million. OMNOVA Solutions had a negative net margin of 1.19% and a positive return on equity of 19.65%. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.18 EPS. On average, equities research analysts expect that OMNOVA Solutions Inc. will post $0.59 earnings per share for the current fiscal year.
A number of brokerages have weighed in on OMN. BidaskClub cut shares of OMNOVA Solutions from a “hold” rating to a “sell” rating in a report on Wednesday. ValuEngine upgraded shares of OMNOVA Solutions from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Jefferies Group LLC restated a “buy” rating and issued a $12.00 price objective on shares of OMNOVA Solutions in a report on Friday, June 16th. Zacks Investment Research upgraded shares of OMNOVA Solutions from a “sell” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Tuesday, April 18th. Finally, Sidoti began coverage on shares of OMNOVA Solutions in a report on Tuesday, June 13th. They issued a “buy” rating and a $12.00 price objective on the stock. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. OMNOVA Solutions currently has a consensus rating of “Buy” and a consensus target price 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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