Citadel Advisors LLC raised its stake in shares of OMNOVA Solutions Inc. (NYSE:OMN) by 53.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 94,719 shares of the specialty chemicals company’s stock after buying an additional 32,950 shares during the quarter. Citadel Advisors LLC owned about 0.21% of OMNOVA Solutions worth $985,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of OMN. Teton Advisors Inc. grew its position in shares of OMNOVA Solutions by 13.3% during the second quarter. Teton Advisors Inc. now owns 355,900 shares of the specialty chemicals company’s stock worth $3,701,000 after purchasing an additional 41,838 shares in the last quarter. Gamco Investors INC. ET AL grew its position in shares of OMNOVA Solutions by 2.4% during the second quarter. Gamco Investors INC. ET AL now owns 1,023,990 shares of the specialty chemicals company’s stock worth $10,649,000 after purchasing an additional 23,600 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of OMNOVA Solutions by 0.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,246,167 shares of the specialty chemicals company’s stock worth $23,360,000 after purchasing an additional 9,996 shares in the last quarter. BlackRock Inc. grew its position in shares of OMNOVA Solutions by 5.0% during the second quarter. BlackRock Inc. now owns 3,306,799 shares of the specialty chemicals company’s stock worth $34,391,000 after purchasing an additional 158,564 shares in the last quarter. Finally, Tygh Capital Management Inc. grew its position in shares of OMNOVA Solutions by 28.6% during the second quarter. Tygh Capital Management Inc. now owns 506,783 shares of the specialty chemicals company’s stock worth $5,271,000 after purchasing an additional 112,599 shares in the last quarter. 90.80% of the stock is owned by institutional investors and hedge funds.
Separately, ValuEngine cut OMNOVA Solutions from a “hold” rating to a “sell” rating in a research report on Tuesday.
NYSE OMN traded up $0.02 during trading on Friday, hitting $9.52. 97,395 shares of the stock traded hands, compared to its average volume of 128,583. The stock has a market capitalization of $442.06 million, a PE ratio of 17.00, a P/E/G ratio of 1.59 and a beta of 2.04. The company has a debt-to-equity ratio of 6.77, a current ratio of 2.07 and a quick ratio of 1.43. OMNOVA Solutions Inc. has a 12-month low of $8.30 and a 12-month high of $11.90.
OMNOVA Solutions (NYSE:OMN) last released its quarterly earnings results on Wednesday, September 26th. The specialty chemicals company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.04). The firm had revenue of $193.60 million for the quarter, compared to analysts’ expectations of $198.48 million. OMNOVA Solutions had a negative net margin of 10.34% and a positive return on equity of 56.32%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.25 EPS. On average, analysts anticipate that OMNOVA Solutions Inc. will post 0.62 EPS for the current fiscal year.
OMNOVA Solutions declared that its board has authorized a stock repurchase plan on Wednesday, September 26th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the specialty chemicals company to buy up to 4.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
OMNOVA Solutions Company Profile
OMNOVA Solutions Inc provides emulsion polymers, specialty chemicals, and engineered surfaces for various commercial, industrial, and residential end uses in the United States, Europe, and Asia. The company operates in two segments, Specialty Solutions and Performance Materials. The Specialty Solutions segment designs, develops, produces, and markets specialty polymers which are used in various applications, such as architectural and industrial coatings; nonwovens used in hygiene products, filtration, and construction; drilling additives for oil and gas drilling, cementing, and fracking; elastomeric modification of plastic casings and hoses used in household, industrial products, and automobiles; tapes and adhesives; sports surfaces; textile finishes; commercial building refurbishment; new construction; residential cabinets; flooring; ceiling tiles; furnishings; manufactured housing; health care patient; common area furniture; and various industrial films applications.
Further Reading: Exchange-Traded Funds (ETFs)
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