Omega Flex, Inc. (NASDAQ:OFLX) Short Interest Down 25.8% in February

Omega Flex, Inc. (NASDAQ:OFLX) was the recipient of a significant decline in short interest in the month of February. As of February 13th, there was short interest totaling 80,574 shares, a decline of 25.8% from the January 29th total of 108,519 shares. Currently, 2.3% of the shares of the company are sold short. Based on an average daily volume of 46,728 shares, the days-to-cover ratio is currently 1.7 days. Based on an average daily volume of 46,728 shares, the days-to-cover ratio is currently 1.7 days. Currently, 2.3% of the shares of the company are sold short.

Insiders Place Their Bets

In other Omega Flex news, Director Stephen M. Shea purchased 2,350 shares of Omega Flex stock in a transaction dated Friday, December 5th. The shares were bought at an average cost of $28.47 per share, for a total transaction of $66,904.50. Following the transaction, the director owned 3,750 shares in the company, valued at $106,762.50. This represents a 167.86% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have acquired a total of 4,134 shares of company stock worth $118,486 in the last three months. 65.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Omega Flex

Several large investors have recently added to or reduced their stakes in OFLX. Royal Bank of Canada grew its holdings in shares of Omega Flex by 36.1% during the 1st quarter. Royal Bank of Canada now owns 9,843 shares of the industrial products company’s stock worth $342,000 after purchasing an additional 2,612 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Omega Flex in the first quarter worth $159,000. Jacobs Levy Equity Management Inc. acquired a new stake in Omega Flex during the first quarter worth $292,000. Goldman Sachs Group Inc. increased its holdings in Omega Flex by 28.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 58,834 shares of the industrial products company’s stock valued at $2,046,000 after buying an additional 12,928 shares during the period. Finally, Jane Street Group LLC raised its stake in shares of Omega Flex by 119.0% in the 1st quarter. Jane Street Group LLC now owns 14,080 shares of the industrial products company’s stock valued at $490,000 after buying an additional 7,651 shares in the last quarter. Institutional investors and hedge funds own 36.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Omega Flex in a research note on Monday, December 29th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Omega Flex Stock Performance

Shares of NASDAQ:OFLX traded up $1.38 during midday trading on Monday, hitting $37.31. The company’s stock had a trading volume of 110,260 shares, compared to its average volume of 38,665. The stock’s 50 day simple moving average is $33.51 and its 200 day simple moving average is $31.54. The stock has a market capitalization of $376.46 million, a price-to-earnings ratio of 23.47 and a beta of 0.42. Omega Flex has a fifty-two week low of $25.58 and a fifty-two week high of $42.08.

Omega Flex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Friday, December 19th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, December 19th. This represents a $1.36 dividend on an annualized basis and a yield of 3.6%. Omega Flex’s dividend payout ratio (DPR) is 85.53%.

About Omega Flex

Omega Flex, Inc designs, manufactures and distributes flexible metal tubing and related products that enable the safe and efficient conveyance of natural gas and other hydrocarbon fuels. The company’s engineered solutions offer leak-resistant connections and installation flexibility, serving original equipment manufacturers, distributors and end-users across residential, commercial and industrial markets.

Its product portfolio includes corrugated stainless steel tubing (CSST), stainless steel hose assemblies, mechanical connectors, fittings, leak detection equipment and specialized installation tools.