Omega Flex (NASDAQ:OFLX) CEO Dean Rivest Acquires 1,000 Shares of Stock

Omega Flex, Inc. (NASDAQ:OFLX) CEO Dean Rivest acquired 1,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were bought at an average cost of $29.50 per share, for a total transaction of $29,500.00. Following the acquisition, the chief executive officer owned 1,000 shares of the company’s stock, valued at $29,500. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Omega Flex Trading Up 0.4%

Shares of NASDAQ:OFLX opened at $28.34 on Friday. The firm has a 50 day simple moving average of $33.80 and a 200-day simple moving average of $31.38. Omega Flex, Inc. has a twelve month low of $25.58 and a twelve month high of $42.08. The company has a market capitalization of $285.95 million, a PE ratio of 19.28 and a beta of 0.42.

Omega Flex (NASDAQ:OFLX) last posted its earnings results on Thursday, March 12th. The industrial products company reported $0.34 EPS for the quarter. Omega Flex had a net margin of 15.08% and a return on equity of 17.70%. The firm had revenue of $25.21 million for the quarter.

Hedge Funds Weigh In On Omega Flex

A number of hedge funds have recently modified their holdings of the business. Ameriprise Financial Inc. increased its holdings in shares of Omega Flex by 47.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company’s stock valued at $4,813,000 after acquiring an additional 47,582 shares during the period. Corsair Capital Management L.P. purchased a new position in Omega Flex during the 4th quarter worth $590,000. Trexquant Investment LP purchased a new position in Omega Flex during the 4th quarter worth $561,000. Quantinno Capital Management LP acquired a new position in Omega Flex in the second quarter valued at $521,000. Finally, Marshall Wace LLP increased 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 during the period. 36.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Omega Flex in a report on Monday, December 29th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has an average 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.