Short Interest in Omega Flex, Inc. (NASDAQ:OFLX) Drops By 25.8%

Omega Flex, Inc. (NASDAQ:OFLX) was the recipient of a significant decline in short interest in the month of February. As of February 13th, there was short interest totaling 80,574 shares, a decline of 25.8% from the January 29th total of 108,519 shares. Based on an average daily trading volume, of 46,728 shares, the short-interest ratio is presently 1.7 days. Approximately 2.3% of the company’s shares are sold short. Approximately 2.3% of the company’s shares are sold short. Based on an average daily trading volume, of 46,728 shares, the short-interest ratio is presently 1.7 days.

Wall Street Analysts Forecast Growth

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

Insider Activity at Omega Flex

In other Omega Flex news, Director Stephen M. Shea purchased 2,350 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was bought at an average price of $28.47 per share, with a total value of $66,904.50. Following the completion of the purchase, the director directly owned 3,750 shares of the company’s stock, valued at $106,762.50. The trade was a 167.86% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders purchased a total of 4,134 shares of company stock worth $118,486 in the last ninety days. 65.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Omega Flex

Hedge funds have recently added to or reduced their stakes in the stock. CANADA LIFE ASSURANCE Co purchased a new position in shares of Omega Flex in the 4th quarter worth $32,000. Russell Investments Group Ltd. increased its position in Omega Flex by 65.2% during the fourth quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 442 shares during the last quarter. Comerica Bank lifted its holdings in Omega Flex by 313.1% in the fourth quarter. Comerica Bank now owns 1,231 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 933 shares during the period. CWM LLC boosted its position in Omega Flex by 51.8% in the second quarter. CWM LLC now owns 1,857 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 634 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in shares of Omega Flex by 26.0% during the 4th quarter. Royal Bank of Canada now owns 4,789 shares of the industrial products company’s stock valued at $141,000 after purchasing an additional 988 shares during the period. 36.06% of the stock is currently owned by hedge funds and other institutional investors.

Omega Flex Price Performance

NASDAQ OFLX traded down $0.43 during mid-day trading on Tuesday, reaching $36.88. The stock had a trading volume of 32,556 shares, compared to its average volume of 39,838. The stock has a market cap of $372.12 million, a PE ratio of 23.47 and a beta of 0.42. Omega Flex has a 1 year low of $25.58 and a 1 year high of $42.08. The company has a fifty day moving average price of $33.68 and a 200 day moving average price of $31.57.

Omega Flex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Friday, December 19th were issued a $0.34 dividend. The ex-dividend date was Friday, December 19th. This represents a $1.36 annualized dividend and a yield of 3.7%. Omega Flex’s dividend payout ratio (DPR) is currently 85.53%.

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.