OMNOVA Solutions (OMN) Downgraded by ValuEngine

ValuEngine lowered shares of OMNOVA Solutions (NYSE:OMN) from a sell rating to a strong sell rating in a report released on Wednesday.

Shares of OMN stock opened at $7.80 on Wednesday. The firm has a market cap of $350.06 million, a price-to-earnings ratio of 13.93, a P/E/G ratio of 1.26 and a beta of 2.24. The company has a quick ratio of 1.43, a current ratio of 2.07 and a debt-to-equity ratio of 6.77. OMNOVA Solutions has a 1-year low of $7.36 and a 1-year high of $11.90.

OMNOVA Solutions (NYSE:OMN) last announced its quarterly earnings data on Wednesday, September 26th. The specialty chemicals company reported $0.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.04). The company had revenue of $193.60 million for the quarter, compared to analyst estimates of $198.48 million. OMNOVA Solutions had a positive return on equity of 56.32% and a negative net margin of 10.34%. OMNOVA Solutions’s revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.25 earnings per share. Equities analysts forecast that OMNOVA Solutions will post 0.62 earnings per share for the current fiscal year.

OMNOVA Solutions declared that its Board of Directors has authorized a stock buyback program on Wednesday, September 26th that authorizes the company to buyback $20.00 million in shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 4.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Hedge funds have recently made changes to their positions in the business. Strs Ohio lifted its position in shares of OMNOVA Solutions by 9.9% in the 2nd quarter. Strs Ohio now owns 75,700 shares of the specialty chemicals company’s stock worth $787,000 after buying an additional 6,800 shares during the last quarter. Trexquant Investment LP lifted its position in shares of OMNOVA Solutions by 56.9% in the 2nd quarter. Trexquant Investment LP now owns 22,023 shares of the specialty chemicals company’s stock worth $229,000 after buying an additional 7,990 shares during the last quarter. MetLife Investment Advisors LLC lifted its position in shares of OMNOVA Solutions by 63.5% in the 2nd quarter. MetLife Investment Advisors LLC now owns 21,500 shares of the specialty chemicals company’s stock worth $224,000 after buying an additional 8,349 shares during the last quarter. Synovus Financial Corp lifted its position in shares of OMNOVA Solutions by 6.4% in the 3rd quarter. Synovus Financial Corp now owns 157,953 shares of the specialty chemicals company’s stock worth $1,555,000 after buying an additional 9,458 shares during the last quarter. Finally, Winslow Asset Management Inc. lifted its position in shares of OMNOVA Solutions by 0.9% in the 2nd quarter. Winslow Asset Management Inc. now owns 1,062,425 shares of the specialty chemicals company’s stock worth $11,049,000 after buying an additional 9,617 shares during the last quarter. 91.12% of the stock is owned by institutional investors.

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: Discount Rate

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