Omega Flex (NASDAQ:OFLX) Issues Quarterly Earnings Results

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

Omega Flex Trading Up 0.5%

Shares of NASDAQ:OFLX traded up $0.15 during trading on Wednesday, hitting $30.08. 30,249 shares of the stock were exchanged, compared to its average volume of 44,230. The company has a market cap of $303.51 million, a PE ratio of 22.62 and a beta of 0.45. The company has a fifty day moving average price of $30.42 and a two-hundred day moving average price of $31.68. Omega Flex has a 12-month low of $25.58 and a 12-month high of $37.92.

Omega Flex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders 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 annualized dividend and a dividend yield of 4.5%. Omega Flex’s payout ratio is 102.26%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Omega Flex in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has an average rating of “Sell”.

Hedge Funds Weigh In On Omega Flex

Several hedge funds and other institutional investors have recently bought and sold shares of OFLX. CANADA LIFE ASSURANCE Co purchased a new stake in Omega Flex during the fourth quarter worth $32,000. Russell Investments Group Ltd. grew its holdings in Omega Flex by 65.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 442 shares during the last quarter. Royal Bank of Canada increased its position in shares of Omega Flex by 26.0% in the fourth quarter. Royal Bank of Canada now owns 4,789 shares of the industrial products company’s stock valued at $141,000 after buying an additional 988 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Omega Flex by 25.7% in the third quarter. BNP Paribas Financial Markets now owns 4,679 shares of the industrial products company’s stock valued at $146,000 after buying an additional 957 shares in the last quarter. Finally, US Bancorp DE raised its stake in shares of Omega Flex by 19.8% during the 3rd quarter. US Bancorp DE now owns 4,923 shares of the industrial products company’s stock worth $154,000 after buying an additional 814 shares during the last quarter. 36.06% of the stock is owned by institutional investors and hedge funds.

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.