Principle Wealth Partners LLC Makes New $6.04 Million Investment in Omega Flex, Inc. $OFLX

Principle Wealth Partners LLC acquired a new stake in Omega Flex, Inc. (NASDAQ:OFLX) in the second quarter, Holdings Channel reports. The institutional investor acquired 192,275 shares of the industrial products company’s stock, valued at approximately $6,036,000.

Several other institutional investors and hedge funds also recently made changes to their positions in OFLX. CANADA LIFE ASSURANCE Co purchased a new position in Omega Flex in the 4th quarter worth $32,000. Russell Investments Group Ltd. lifted its stake in Omega Flex by 65.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 442 shares during the last quarter. Comerica Bank boosted its position in Omega Flex by 313.1% during the fourth quarter. Comerica Bank now owns 1,231 shares of the industrial products company’s stock valued at $36,000 after buying an additional 933 shares during the period. Fifth Third Bancorp purchased a new stake in Omega Flex during the first quarter valued at about $46,000. Finally, Versant Capital Management Inc grew its stake in shares of Omega Flex by 912.1% during the second quarter. Versant Capital Management Inc now owns 1,670 shares of the industrial products company’s stock valued at $52,000 after buying an additional 1,505 shares during the last quarter. Institutional investors own 36.06% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of Omega Flex in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Omega Flex Stock Performance

NASDAQ:OFLX opened at $28.45 on Tuesday. The firm has a market cap of $287.06 million, a PE ratio of 23.91 and a beta of 0.45. Omega Flex, Inc. has a fifty-two week low of $25.58 and a fifty-two week high of $37.92. The business has a 50 day moving average price of $30.33 and a 200-day moving average price of $31.55.

Omega Flex (NASDAQ:OFLX) last announced its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.27 earnings per share for the quarter. The business had revenue of $24.06 million during the quarter. Omega Flex had a net margin of 12.27% and a return on equity of 14.26%.

Omega Flex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $1.36 dividend on an annualized basis and a yield of 4.8%. Omega Flex’s dividend payout ratio is presently 114.29%.

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.