Omega Flex (NASDAQ:OFLX) Posts Earnings Results

Omega Flex (NASDAQ:OFLX) issued its quarterly earnings data on Wednesday. The industrial products company reported $0.27 EPS for the quarter, Zacks reports. Omega Flex had a net margin of 12.27% and a return on equity of 14.19%. The firm had revenue of $24.06 million for the quarter.

Omega Flex Price Performance

Shares of Omega Flex stock traded down $0.06 on Friday, reaching $28.75. 2,385 shares of the company were exchanged, compared to its average volume of 44,053. Omega Flex has a 1-year low of $25.58 and a 1-year high of $37.92. The company has a market cap of $290.09 million, a P/E ratio of 24.16 and a beta of 0.45. The stock’s 50 day moving average price is $30.40 and its 200-day moving average price is $31.62.

Omega Flex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Tuesday, June 23rd. Omega Flex’s dividend payout ratio (DPR) is presently 102.26%.

Institutional Trading of Omega Flex

Several hedge funds have recently added to or reduced their stakes in OFLX. Barclays PLC grew its holdings in Omega Flex by 14.3% during the 4th quarter. Barclays PLC now owns 7,060 shares of the industrial products company’s stock worth $208,000 after acquiring an additional 882 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Omega Flex in the 4th quarter valued at $171,000. Alliancebernstein L.P. lifted its position in shares of Omega Flex by 6.7% during the 3rd quarter. Alliancebernstein L.P. now owns 7,970 shares of the industrial products company’s stock worth $249,000 after purchasing an additional 500 shares during the last quarter. State of Tennessee Department of Treasury lifted its position in shares of Omega Flex by 103.6% during the 2nd quarter. State of Tennessee Department of Treasury now owns 7,250 shares of the industrial products company’s stock worth $235,000 after purchasing an additional 3,689 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Omega Flex by 25.6% during the second quarter. Bank of America Corp DE now owns 7,373 shares of the industrial products company’s stock worth $239,000 after purchasing an additional 1,503 shares in the last quarter. Institutional investors and hedge funds own 36.06% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Omega Flex in a research note on Wednesday, July 29th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

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.