Omega Flex (NASDAQ:OFLX) CEO Purchases $29,500.00 in Stock

Omega Flex, Inc. (NASDAQ:OFLX) CEO Dean Rivest purchased 1,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were purchased at an average cost of $29.50 per share, for a total transaction of $29,500.00. Following the completion of the purchase, the chief executive officer directly owned 1,000 shares of the company’s stock, valued at approximately $29,500. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Omega Flex Trading Up 0.4%

NASDAQ:OFLX opened at $28.34 on Monday. The stock’s 50-day moving average is $33.80 and its 200-day moving average is $31.32. Omega Flex, Inc. has a 1-year low of $25.58 and a 1-year high of $42.08. The stock has a market cap of $285.95 million, a P/E ratio of 19.28 and a beta of 0.42.

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

Hedge Funds Weigh In On Omega Flex

A number of hedge funds and other institutional investors have recently made changes to their positions in OFLX. Royal Bank of Canada boosted its holdings in Omega Flex by 36.1% in the first quarter. Royal Bank of Canada now owns 9,843 shares of the industrial products company’s stock valued at $342,000 after acquiring an additional 2,612 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Omega Flex in the 1st quarter worth approximately $159,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Omega Flex in the 1st quarter worth approximately $292,000. Goldman Sachs Group Inc. boosted its stake in shares of Omega Flex by 28.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 58,834 shares of the industrial products company’s stock valued at $2,046,000 after purchasing an additional 12,928 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of Omega Flex by 119.0% in the 1st quarter. Jane Street Group LLC now owns 14,080 shares of the industrial products company’s stock valued at $490,000 after purchasing an additional 7,651 shares during the last quarter. 36.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.