OMNOVA Solutions Inc. (NYSE:OMN) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Monday, July 24th.
Several other brokerages also recently commented on OMN. Zacks Investment Research raised 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. ValuEngine raised shares of OMNOVA Solutions from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Jefferies Group LLC reiterated a “buy” rating and issued a $12.00 price target on shares of OMNOVA Solutions in a report on Friday, June 16th. Finally, Sidoti started coverage on shares of OMNOVA Solutions in a report on Tuesday, June 13th. They issued a “buy” rating and a $12.00 price target for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $11.67.
OMNOVA Solutions (OMN) opened at 8.75 on Monday. OMNOVA Solutions has a 1-year low of $7.05 and a 1-year high of $10.42. The firm’s market cap is $392.97 million. The company has a 50-day moving average of $9.50 and a 200-day moving average of $9.16.
OMNOVA Solutions (NYSE:OMN) last issued its earnings results on Wednesday, June 28th. The specialty chemicals company reported $0.16 EPS for the quarter, meeting the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $204.40 million. During the same quarter in the prior year, the firm earned $0.18 earnings per share. The business’s quarterly revenue was up 9.6% on a year-over-year basis. Analysts predict that OMNOVA Solutions will post $0.59 earnings per share for the current year.
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its position 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 valued at $100,000 after buying an additional 472 shares during the last quarter. Acrospire Investment Management LLC boosted its position 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 valued at $132,000 after buying an additional 2,590 shares during the last quarter. Nine Chapters Capital Management LLC acquired a new position in shares of OMNOVA Solutions during the first quarter valued at approximately $142,000. Karp Capital Management Corp acquired a new position in shares of OMNOVA Solutions during the first quarter valued at approximately $158,000. Finally, Acadian Asset Management LLC acquired a new position in shares of OMNOVA Solutions during the second quarter valued at approximately $185,000. Institutional investors and hedge funds own 87.38% 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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