Omega Flex (NASDAQ:OFLX) Releases Quarterly Earnings Results

Omega Flex (NASDAQ:OFLX) posted its earnings results on Wednesday. The industrial products company reported $0.34 EPS for the quarter, Zacks reports. Omega Flex had a return on equity of 19.24% and a net margin of 16.08%.The firm had revenue of $25.21 million during the quarter.

Omega Flex Trading Down 10.5%

OFLX stock traded down $3.87 during trading on Thursday, reaching $33.06. 20,789 shares of the stock were exchanged, compared to its average volume of 40,323. Omega Flex has a twelve month low of $25.58 and a twelve month high of $42.08. The firm’s 50 day moving average is $33.83 and its 200 day moving average is $31.61. The firm has a market cap of $333.58 million, a P/E ratio of 20.79 and a beta of 0.42.

Omega Flex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Friday, December 19th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Friday, December 19th. Omega Flex’s payout ratio is presently 85.53%.

Insiders Place Their Bets

In other Omega Flex news, Director Stephen M. Shea acquired 2,350 shares of Omega Flex stock in a transaction dated Friday, December 5th. The stock was purchased at an average cost of $28.47 per share, for a total transaction of $66,904.50. Following the completion of the acquisition, the director directly owned 3,750 shares of the company’s stock, valued at $106,762.50. This represents a 167.86% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 65.20% of the company’s stock.

Hedge Funds Weigh In On Omega Flex

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Omega Flex by 5.2% during the third quarter. Vanguard Group Inc. now owns 177,754 shares of the industrial products company’s stock worth $5,543,000 after purchasing an additional 8,715 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Omega Flex by 47.1% during the second 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. Goldman Sachs Group Inc. increased its position in shares of Omega Flex by 12.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 68,668 shares of the industrial products company’s stock worth $2,022,000 after purchasing an additional 7,502 shares during the last quarter. Marshall Wace LLP raised its stake in Omega Flex by 33.4% in the fourth quarter. Marshall Wace LLP now owns 53,106 shares of the industrial products company’s stock valued at $1,563,000 after purchasing an additional 13,289 shares in the last quarter. Finally, Sei Investments Co. lifted its position in Omega Flex by 16.4% during the second quarter. Sei Investments Co. now owns 36,284 shares of the industrial products company’s stock valued at $1,175,000 after purchasing an additional 5,100 shares during the last quarter. Institutional investors own 36.06% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed 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 data from MarketBeat.com, Omega Flex has a consensus rating of “Sell”.

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.