Principle Wealth Partners LLC Buys Shares of 192,275 Omega Flex, Inc. $OFLX

Principle Wealth Partners LLC bought a new position in shares of Omega Flex, Inc. (NASDAQ:OFLX) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 192,275 shares of the industrial products company’s stock, valued at approximately $6,036,000. Principle Wealth Partners LLC owned approximately 1.90% of Omega Flex at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in OFLX. Punch & Associates Investment Management Inc. bought a new position in Omega Flex in the 1st quarter worth about $1,350,000. Arrowstreet Capital Limited Partnership boosted its position in shares of 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 during the period. GSA Capital Partners LLP bought a new position in shares of Omega Flex in the second quarter valued at approximately $1,091,000. Corsair Capital Management L.P. grew its stake in Omega Flex by 38.7% during the first quarter. Corsair Capital Management L.P. now owns 27,792 shares of the industrial products company’s stock valued at $863,000 after acquiring an additional 7,759 shares in the last quarter. Finally, Cardinal Capital Management grew its stake in Omega Flex by 2.2% during the fourth quarter. Cardinal Capital Management now owns 42,716 shares of the industrial products company’s stock valued at $1,272,000 after acquiring an additional 914 shares in the last quarter. 36.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated 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, According to MarketBeat.com, Omega Flex currently has an average rating of “Sell”.

Omega Flex Trading Down 0.8%

Shares of OFLX opened at $28.45 on Tuesday. Omega Flex, Inc. has a 12-month low of $25.58 and a 12-month high of $37.92. The company has a market cap of $287.06 million, a PE ratio of 23.91 and a beta of 0.45. The stock has a 50-day moving average price of $30.33 and a 200-day moving average price of $31.55.

Omega Flex (NASDAQ:OFLX) last announced its earnings results on Wednesday, August 12th. The industrial products company reported $0.27 earnings per share (EPS) for the quarter. Omega Flex had a net margin of 12.27% and a return on equity of 14.26%. The business had revenue of $24.06 million during the quarter.

Omega Flex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Tuesday, June 23rd. Omega Flex’s dividend payout ratio is presently 114.29%.

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.