Omega Flex (NASDAQ:OFLX) Releases Earnings Results

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

Omega Flex Stock Up 0.5%

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. Omega Flex has a 1-year low of $25.58 and a 1-year high of $37.92. The stock has a fifty day moving average price of $30.42 and a two-hundred day moving average price of $31.68. The firm has a market capitalization of $303.51 million, a P/E ratio of 22.62 and a beta of 0.45.

Omega Flex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd were given 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 yield of 4.5%. Omega Flex’s payout ratio is 102.26%.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of Omega Flex in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Omega Flex has a consensus rating of “Sell”.

Hedge Funds Weigh In On Omega Flex

A number of hedge funds have recently modified their holdings of the business. CANADA LIFE ASSURANCE Co acquired a new position in Omega Flex in the fourth quarter valued at $32,000. Russell Investments Group Ltd. lifted 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 worth $33,000 after acquiring an additional 442 shares during the period. Royal Bank of Canada lifted its stake in shares of Omega Flex by 26.0% in the 4th quarter. Royal Bank of Canada now owns 4,789 shares of the industrial products company’s stock worth $141,000 after acquiring an additional 988 shares during the period. BNP Paribas Financial Markets boosted its holdings 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 acquiring an additional 957 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Omega Flex by 19.8% in the third quarter. US Bancorp DE now owns 4,923 shares of the industrial products company’s stock valued at $154,000 after acquiring an additional 814 shares in the last quarter. 36.06% of the stock is currently owned by hedge funds and other institutional investors.

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.