Punch & Associates Investment Management Inc. Takes $1.35 Million Position in Omega Flex, Inc. $OFLX

Punch & Associates Investment Management Inc. acquired a new position in shares of Omega Flex, Inc. (NASDAQ:OFLX) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 43,500 shares of the industrial products company’s stock, valued at approximately $1,350,000.

Other large investors have also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership raised its holdings in Omega Flex by 70.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 43,069 shares of the industrial products company’s stock valued at $1,337,000 after acquiring an additional 17,866 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Omega Flex by 8.2% during the 1st quarter. Bank of New York Mellon Corp now owns 53,321 shares of the industrial products company’s stock worth $1,655,000 after acquiring an additional 4,055 shares in the last quarter. Fifth Third Bancorp acquired a new position in Omega Flex during the 1st quarter worth approximately $46,000. State of Tennessee Department of Treasury increased its position in shares of Omega Flex by 90.6% in the 4th quarter. State of Tennessee Department of Treasury now owns 16,999 shares of the industrial products company’s stock valued at $500,000 after purchasing an additional 8,081 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in shares of Omega Flex in the 4th quarter valued at approximately $250,000. 36.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Omega Flex from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Omega Flex currently has an average rating of “Sell”.

Omega Flex Price Performance

Shares of OFLX opened at $29.55 on Friday. Omega Flex, Inc. has a 1-year low of $25.58 and a 1-year high of $37.92. The stock has a market cap of $298.16 million, a PE ratio of 22.22 and a beta of 0.46. The firm has a fifty day moving average price of $30.26 and a 200 day moving average price of $31.81.

Omega Flex (NASDAQ:OFLX) last issued its quarterly earnings data on Friday, May 1st. The industrial products company reported $0.21 earnings per share (EPS) for the quarter. Omega Flex had a return on equity of 15.94% and a net margin of 13.60%.The company had revenue of $23.09 million for the quarter.

Omega Flex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Tuesday, June 23rd were given a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.6%. Omega Flex’s dividend payout ratio is 102.26%.

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.