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

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

Omega Flex Price Performance

NASDAQ OFLX traded up $0.05 during trading on Wednesday, hitting $36.93. The company’s stock had a trading volume of 35,213 shares, compared to its average volume of 40,876. Omega Flex has a fifty-two week low of $25.58 and a fifty-two week high of $42.08. The company has a market cap of $372.77 million, a PE ratio of 23.23 and a beta of 0.42. The business’s 50 day simple moving average is $33.68 and its 200-day simple moving average is $31.57.

Omega Flex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Friday, December 19th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Friday, December 19th. Omega Flex’s payout ratio is presently 85.53%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, Director Stephen M. Shea bought 2,350 shares of the stock in a transaction on Friday, December 5th. The stock was bought at an average price 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 in the company, valued at approximately $106,762.50. This represents a 167.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have purchased a total of 4,134 shares of company stock valued at $118,486 over the last ninety days. Insiders own 65.20% of the company’s stock.

Hedge Funds Weigh In On Omega Flex

Hedge funds have recently made changes to their positions in the company. Ameriprise Financial Inc. grew its stake in Omega Flex by 47.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company’s stock valued at $4,813,000 after purchasing an additional 47,582 shares during the last quarter. State of Tennessee Department of Treasury lifted its holdings in shares of Omega Flex by 90.6% during the fourth quarter. State of Tennessee Department of Treasury now owns 16,999 shares of the industrial products company’s stock worth $500,000 after purchasing an additional 8,081 shares during the period. Bank of America Corp DE boosted its position in Omega Flex by 25.6% in the second quarter. Bank of America Corp DE now owns 7,373 shares of the industrial products company’s stock valued at $239,000 after buying an additional 1,503 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Omega Flex by 15.5% in the third quarter. JPMorgan Chase & Co. now owns 21,130 shares of the industrial products company’s stock valued at $659,000 after buying an additional 2,841 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Omega Flex by 5.2% in the 3rd quarter. Vanguard Group Inc. now owns 177,754 shares of the industrial products company’s stock worth $5,543,000 after buying an additional 8,715 shares during the period. 36.06% of the stock is owned by institutional investors and hedge funds.

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.