OMNOVA Solutions Inc. (NYSE:OMN) – Equities researchers at KeyCorp raised their FY2018 earnings estimates for OMNOVA Solutions in a report issued on Monday. KeyCorp analyst M. Sison now forecasts that the specialty chemicals company will earn $0.70 per share for the year, up from their previous estimate of $0.65. KeyCorp currently has a “Hold” rating on the stock.
OMNOVA Solutions (NYSE:OMN) last released its quarterly earnings results on Thursday, September 28th. The specialty chemicals company reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.07. OMNOVA Solutions had a negative net margin of 0.78% and a positive return on equity of 22.71%. The business had revenue of $200.90 million for the quarter, compared to the consensus estimate of $203.12 million. During the same period last year, the firm earned $0.14 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis.
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Several other research firms have also recently issued reports on OMN. Jefferies Group LLC reiterated a “buy” rating and issued a $12.00 target price on shares of OMNOVA Solutions in a research note on Thursday. Zacks Investment Research upgraded shares of OMNOVA Solutions from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Friday, July 7th. BidaskClub cut shares of OMNOVA Solutions from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Finally, ValuEngine upgraded shares of OMNOVA Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, September 28th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $11.67.
OMNOVA Solutions (NYSE:OMN) traded up 2.26% on Wednesday, reaching $11.30. 60,022 shares of the company’s stock traded hands. The stock’s market cap is $507.00 million. OMNOVA Solutions has a 12-month low of $7.05 and a 12-month high of $11.50. The stock has a 50 day moving average price of $9.47 and a 200 day moving average price of $9.27.
Several institutional investors and hedge funds have recently bought and sold shares of OMN. Karp Capital Management Corp acquired a new position in shares of OMNOVA Solutions in the 1st quarter valued at $158,000. Envestnet Asset Management Inc. lifted its stake in shares of OMNOVA Solutions by 4.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 10,146 shares of the specialty chemicals company’s stock valued at $100,000 after purchasing an additional 472 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of OMNOVA Solutions by 0.8% in the 1st quarter. JPMorgan Chase & Co. now owns 535,264 shares of the specialty chemicals company’s stock valued at $5,299,000 after purchasing an additional 4,328 shares during the period. American International Group Inc. lifted its stake in shares of OMNOVA Solutions by 7.1% in the 1st quarter. American International Group Inc. now owns 26,169 shares of the specialty chemicals company’s stock valued at $259,000 after purchasing an additional 1,738 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of OMNOVA Solutions by 10.5% in the 1st quarter. Wellington Management Group LLP now owns 4,406,794 shares of the specialty chemicals company’s stock valued at $43,627,000 after purchasing an additional 420,349 shares during the period. Hedge funds and other institutional investors own 88.01% of the company’s stock.
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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