Short Interest in Omega Flex, Inc. (NASDAQ:OFLX) Decreases By 26.8%

Omega Flex, Inc. (NASDAQ:OFLX) was the recipient of a large decline in short interest in the month of March. As of March 13th, there was short interest totaling 56,397 shares, a decline of 26.8% from the February 26th total of 77,084 shares. Currently, 1.6% of the company’s shares are short sold. Based on an average daily trading volume, of 61,536 shares, the short-interest ratio is currently 0.9 days.

Analyst Ratings Changes

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, According to MarketBeat, the company presently has a consensus rating of “Sell”.

Omega Flex Stock Performance

Shares of OFLX traded down $0.36 during midday trading on Friday, hitting $29.69. 30,377 shares of the stock were exchanged, compared to its average volume of 48,606. Omega Flex has a 52-week low of $25.58 and a 52-week high of $37.92. The stock has a fifty day simple moving average of $33.39 and a 200 day simple moving average of $30.96. The firm has a market cap of $299.69 million, a P/E ratio of 20.20 and a beta of 0.42.

Omega Flex (NASDAQ:OFLX) last posted its quarterly earnings data on Thursday, March 12th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter. Omega Flex had a return on equity of 17.68% and a net margin of 15.08%.The firm had revenue of $25.21 million for the quarter.

Omega Flex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 21st. Stockholders of record on Thursday, April 9th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Thursday, April 9th. Omega Flex’s dividend payout ratio is currently 92.52%.

Insider Transactions at Omega Flex

In related news, CEO Dean W. Rivest bought 1,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were bought at an average price of $29.50 per share, with a total value of $29,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,000 shares of the company’s stock, valued at $29,500. This represents a ? increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 65.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in OFLX. State of Tennessee Department of Treasury increased its stake in Omega Flex by 90.6% during the 4th quarter. State of Tennessee Department of Treasury now owns 16,999 shares of the industrial products company’s stock worth $500,000 after buying an additional 8,081 shares during the period. Quadrature Capital Ltd purchased a new position in Omega Flex in the 4th quarter valued at approximately $250,000. Trexquant Investment LP purchased a new position in Omega Flex in the 4th quarter valued at approximately $561,000. Corsair Capital Management L.P. acquired a new position in shares of Omega Flex in the fourth quarter worth $590,000. Finally, Russell Investments Group Ltd. grew its stake in shares of 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 acquiring an additional 442 shares in the last quarter. Hedge funds and other institutional investors own 36.06% of the company’s stock.

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.