Omega Flex (NASDAQ:OFLX) Announces Earnings Results

Omega Flex (NASDAQ:OFLX) issued its earnings results on Wednesday. The industrial products company reported $0.34 EPS for the quarter, Zacks reports. The company had revenue of $25.21 million for the quarter. Omega Flex had a net margin of 16.08% and a return on equity of 19.24%.

Omega Flex Stock Performance

OFLX stock traded down $3.13 during trading on Thursday, hitting $33.80. The stock had a trading volume of 9,271 shares, compared to its average volume of 40,069. Omega Flex has a 1-year low of $25.58 and a 1-year high of $42.08. The stock has a market cap of $341.04 million, a price-to-earnings ratio of 21.26 and a beta of 0.42. The company’s 50 day moving average price is $33.83 and its two-hundred day moving average price is $31.61.

Omega Flex Announces Dividend

The business also recently disclosed 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. This represents a $1.36 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Friday, December 19th. Omega Flex’s dividend payout ratio (DPR) is currently 85.53%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Omega Flex

In other news, Director Stephen M. Shea acquired 2,350 shares of the business’s stock in a transaction dated Friday, December 5th. The stock was acquired at an average price of $28.47 per share, with a total value of $66,904.50. Following the completion of the transaction, the director directly owned 3,750 shares in the company, valued at approximately $106,762.50. This represents a 167.86% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 65.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of OFLX. Royal Bank of Canada lifted its stake 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 during the period. Cubist Systematic Strategies LLC purchased a new stake in shares of Omega Flex in the first quarter valued at $159,000. Jacobs Levy Equity Management Inc. acquired a new position in Omega Flex in the first quarter valued at $292,000. Goldman Sachs Group Inc. lifted its position in Omega Flex by 28.2% during the first quarter. Goldman Sachs Group Inc. now owns 58,834 shares of the industrial products company’s stock worth $2,046,000 after buying an additional 12,928 shares during the period. Finally, Jane Street Group LLC boosted its stake in 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 worth $490,000 after buying an additional 7,651 shares during the last quarter. 36.06% of the stock is currently owned by institutional investors and hedge funds.

Omega Flex Company Profile

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.