Omega Flex (NASDAQ:OFLX) Releases Quarterly Earnings Results

Omega Flex (NASDAQ:OFLX) posted its quarterly earnings results on Wednesday. The industrial products company reported $0.27 earnings per share (EPS) for the quarter, Zacks reports. Omega Flex had a net margin of 13.60% and a return on equity of 15.94%. The company had revenue of $24.06 million for the quarter.

Omega Flex Stock Down 2.3%

Shares of NASDAQ OFLX traded down $0.68 during trading on Thursday, reaching $29.40. The company had a trading volume of 26,596 shares, compared to its average volume of 44,113. The business’s 50-day moving average is $30.43 and its 200 day moving average is $31.65. Omega Flex has a 12-month low of $25.58 and a 12-month high of $37.92. The stock has a market cap of $296.76 million, a PE ratio of 22.11 and a beta of 0.45.

Omega Flex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd were paid a dividend of $0.34 per share. 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 (DPR) is currently 102.26%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Omega Flex in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Ameriprise Financial Inc. lifted its stake in Omega Flex by 47.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company’s stock worth $4,813,000 after purchasing an additional 47,582 shares in the last quarter. Corsair Capital Management L.P. purchased a new position in Omega Flex during the 4th quarter valued at $590,000. Trexquant Investment LP purchased a new position in shares of Omega Flex during the fourth quarter worth approximately $561,000. Quantinno Capital Management LP bought a new stake in shares of Omega Flex in the second quarter valued at about $521,000. Finally, Marshall Wace LLP lifted its position in shares of Omega Flex by 33.4% in the 4th quarter. Marshall Wace LLP now owns 53,106 shares of the industrial products company’s stock worth $1,563,000 after purchasing an additional 13,289 shares during the period. Institutional investors own 36.06% of the company’s stock.

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.