Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp Takes Position in OMNOVA Solutions Inc. (OMN)
Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position 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 institutional investor purchased 14,900 shares of the specialty chemicals company’s stock, valued at approximately $155,000.
Other institutional investors also recently made changes to their positions in the company. Gamco Investors INC. ET AL raised its position in shares of OMNOVA Solutions by 2.4% during the 2nd 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 during the period. Bank of New York Mellon Corp raised its position in shares of OMNOVA Solutions by 7.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,713,685 shares of the specialty chemicals company’s stock worth $49,021,000 after purchasing an additional 326,115 shares during the period. Martingale Asset Management L P raised its position in shares of OMNOVA Solutions by 55.4% during the 2nd quarter. Martingale Asset Management L P now owns 125,801 shares of the specialty chemicals company’s stock worth $1,309,000 after purchasing an additional 44,872 shares during the period. Dimensional Fund Advisors LP raised its position in shares of OMNOVA Solutions by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,236,171 shares of the specialty chemicals company’s stock worth $23,480,000 after purchasing an additional 24,586 shares during the period. Finally, Teton Advisors Inc. raised its position in shares of OMNOVA Solutions by 13.3% during the 2nd 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 during the period. Institutional investors and hedge funds own 90.80% of the company’s stock.
In related news, VP Charles M. Chrisman sold 3,507 shares of the firm’s stock in a transaction that occurred on Friday, July 6th. The stock was sold at an average price of $10.24, for a total value of $35,911.68. Following the sale, the vice president now directly owns 3,000 shares in the company, valued at approximately $30,720. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.63% of the stock is owned by company insiders.
OMNOVA Solutions (NYSE:OMN) last posted its earnings results on Thursday, June 28th. The specialty chemicals company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.19 by $0.01. OMNOVA Solutions had a positive return on equity of 43.56% and a negative net margin of 8.97%. The firm had revenue of $206.00 million for the quarter, compared to analysts’ expectations of $204.08 million. During the same period last year, the firm earned $0.16 EPS. The firm’s revenue was down 6.8% compared to the same quarter last year. research analysts expect that OMNOVA Solutions Inc. will post 0.67 EPS for the current year.
A number of analysts have recently weighed in on the company. Jefferies Financial Group reiterated a “hold” rating on shares of OMNOVA Solutions in a research report on Thursday, May 31st. ValuEngine upgraded OMNOVA Solutions from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th.
About OMNOVA Solutions
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.
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