Omega Flex, Inc. (NASDAQ:OFLX) Sees Significant Decline in Short Interest

Omega Flex, Inc. (NASDAQ:OFLX) saw a significant drop in short interest in March. As of March 13th, there was short interest totaling 56,397 shares, a drop of 26.8% from the February 26th total of 77,084 shares. Based on an average daily volume of 61,536 shares, the days-to-cover ratio is currently 0.9 days. Currently, 1.6% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued 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 MarketBeat.com, Omega Flex presently has an average rating of “Sell”.

Omega Flex Trading Up 3.5%

Shares of Omega Flex stock traded up $1.03 during trading on Monday, reaching $30.72. The company’s stock had a trading volume of 42,437 shares, compared to its average volume of 48,799. The company has a 50-day moving average price of $33.36 and a two-hundred day moving average price of $30.91. The firm has a market cap of $309.96 million, a PE ratio of 20.90 and a beta of 0.42. Omega Flex has a fifty-two week low of $25.58 and a fifty-two week high of $37.92.

Omega Flex (NASDAQ:OFLX) last issued its quarterly earnings results on Thursday, March 12th. The industrial products company reported $0.34 earnings per share for the quarter. Omega Flex had a net margin of 15.08% and a return on equity of 17.68%. The firm had revenue of $25.21 million during the quarter.

Omega Flex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 21st. Stockholders of record on Thursday, April 9th will be paid a dividend of $0.34 per share. The ex-dividend date is Thursday, April 9th. This represents a $1.36 annualized dividend and a dividend yield of 4.4%. Omega Flex’s dividend payout ratio is 92.52%.

Insider Buying and Selling at Omega Flex

In related news, CEO Dean W. Rivest acquired 1,000 shares of Omega Flex stock in a transaction dated Wednesday, March 11th. The stock was acquired at an average price of $29.50 per share, for a total transaction of $29,500.00. Following the transaction, the chief executive officer owned 1,000 shares of the company’s stock, valued at $29,500. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 65.20% of the company’s stock.

Hedge Funds Weigh In On Omega Flex

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co purchased a new stake in Omega Flex during the 4th quarter valued at approximately $32,000. Russell Investments Group Ltd. grew its stake in shares of Omega Flex by 65.2% in the 4th 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. Comerica Bank grew its stake in shares of Omega Flex by 313.1% in the 4th quarter. Comerica Bank now owns 1,231 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 933 shares during the last quarter. CWM LLC increased its holdings in shares of Omega Flex by 129.5% in the third quarter. CWM LLC now owns 4,262 shares of the industrial products company’s stock valued at $133,000 after purchasing an additional 2,405 shares during the period. Finally, Royal Bank of Canada increased its holdings 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 purchasing an additional 988 shares during the period. Hedge funds and other institutional investors own 36.06% of the company’s stock.

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.