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Seth Klarman Sold Stake in Omnova Solutions Inc

July 10, 2009 | About:
(GuruFocus, July 10, 2009 ) Investment Guru Seth Klarman sold out his shares in chemical and building material company Omnova Solutions Inc.(NYSE:OMN). On June 30, he sold all of the 3.2 million shares of OMN at the price of $3.26 per share.

This is a long time holding for Seth Klarman. He initiated a position of 1.5 million shares in the company back in 4Q99. He actually traded in and out of the stock over the years, but never completely out of the stock. In 3Q06, he held 8.2 million shares, and since then he has been seen selling shares of the company gradually. By the end of 1Q09, he still had 5.4 million shares. With the sale on June 30, 2009, he is totally out of the stock.

Omnova Solutions Inc. develops,manufactures andmarkets emulsion polymers, specialty chemicals and decorative and building products for a variety of industrial commercial and consumer markets. Omnova Solutions Inc. has a market cap of $135.3 million; its shares were traded at around $3.68 with a P/E ratio of 12.3 and P/S ratio of 0.1. Omnova Solutions Inc. had an annual average earning growth of 2.1% over the past 5 years.

On June 23, the company reported net income of $5.1 million, or $0.12 per diluted share, for the second quarter ended May 31, 2009, compared to a net loss of $3.1 million, or $0.07 per diluted share, for the second quarter of 2008. Net sales decreased $58.4 million, or 26.6%, to $161.3 million for the second quarter of 2009 compared to $219.7 million for the second quarter of 2008.

"Our improved second quarter performance reflects the impact from a number of positive actions by the Company, including broad-based cost reductions, structurally improved pricing and the introduction of innovative new products, as well as lower raw material costs," said Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer.

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Rating: 3.3/5 (6 votes)


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