Omega Flex (NASDAQ:OFLX) Announces Quarterly Earnings Results

Omega Flex (NASDAQ:OFLX) announced 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 during the quarter. Omega Flex had a return on equity of 19.24% and a net margin of 16.08%.

Omega Flex Trading Down 8.5%

Shares of OFLX stock traded down $3.13 on Thursday, reaching $33.80. 9,271 shares of the stock were exchanged, compared to its average volume of 40,069. The company has a market capitalization of $341.04 million, a price-to-earnings ratio of 21.26 and a beta of 0.42. The business’s 50 day moving average price is $33.83 and its 200 day moving average price is $31.61. Omega Flex has a twelve month low of $25.58 and a twelve month high of $42.08.

Omega Flex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Friday, December 19th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Friday, December 19th. Omega Flex’s dividend payout ratio (DPR) is presently 85.53%.

Insider Buying and Selling at Omega Flex

In related news, Director Stephen M. Shea bought 2,350 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were purchased at an average cost of $28.47 per share, with a total value of $66,904.50. Following the transaction, the director directly owned 3,750 shares of the company’s stock, valued at approximately $106,762.50. This represents a 167.86% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 65.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Alliancebernstein L.P. raised its stake in shares of Omega Flex by 6.7% during the third 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. Bank of America Corp DE raised its holdings in 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. Creative Planning purchased a new position in Omega Flex during the second quarter worth about $237,000. State of Tennessee Department of Treasury lifted its position in Omega Flex by 103.6% in the second quarter. State of Tennessee Department of Treasury now owns 7,250 shares of the industrial products company’s stock valued at $235,000 after purchasing an additional 3,689 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Omega Flex by 34.0% in the 2nd quarter. Rhumbline Advisers now owns 6,551 shares of the industrial products company’s stock valued at $212,000 after purchasing an additional 1,662 shares in the last quarter. 36.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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