Millennium Management LLC Sells 26,787 Shares of Omega Flex, Inc. (NASDAQ:OFLX)

Millennium Management LLC reduced its stake in Omega Flex, Inc. (NASDAQ:OFLX) by 39.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,473 shares of the industrial products company’s stock after selling 26,787 shares during the period. Millennium Management LLC owned 0.40% of Omega Flex worth $1,699,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OFLX. Kayne Anderson Rudnick Investment Management LLC increased its stake in Omega Flex by 2.3% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,075,240 shares of the industrial products company’s stock valued at $45,128,000 after purchasing an additional 24,466 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Omega Flex in the fourth quarter valued at $690,000. Bank of New York Mellon Corp increased its stake in Omega Flex by 34.5% in the fourth quarter. Bank of New York Mellon Corp now owns 59,459 shares of the industrial products company’s stock valued at $2,495,000 after purchasing an additional 15,242 shares in the last quarter. Wells Fargo & Company MN increased its stake in Omega Flex by 14.1% in the fourth quarter. Wells Fargo & Company MN now owns 75,279 shares of the industrial products company’s stock valued at $3,159,000 after purchasing an additional 9,311 shares in the last quarter. Finally, Townsquare Capital LLC increased its stake in Omega Flex by 33.4% in the fourth quarter. Townsquare Capital LLC now owns 27,206 shares of the industrial products company’s stock valued at $1,142,000 after purchasing an additional 6,810 shares in the last quarter. 36.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Omega Flex from a “buy” rating to a “hold” rating in a report on Thursday, May 15th.

Omega Flex Price Performance

Shares of NASDAQ OFLX opened at $31.78 on Tuesday. The stock has a market capitalization of $320.79 million, a P/E ratio of 17.56 and a beta of 0.36. The company has a 50-day moving average price of $32.05 and a 200-day moving average price of $38.22. Omega Flex, Inc. has a 1 year low of $28.12 and a 1 year high of $61.88.

Omega Flex (NASDAQ:OFLX) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter. The firm had revenue of $23.33 million during the quarter. Omega Flex had a net margin of 17.71% and a return on equity of 22.68%.

Omega Flex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 22nd. Stockholders of record on Thursday, April 10th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date was Thursday, April 10th. Omega Flex’s dividend payout ratio is currently 79.07%.

Omega Flex Company Profile

Omega Flex, Inc, together with its subsidiaries, manufactures and sells flexible metal hoses and accessories in North America and internationally. It offers flexible gas piping for use in residential and commercial buildings; fittings; containment pining; and corrugated medical tubing for use in hospitals, ambulatory care centers, dental, physician and veterinary clinics, laboratories, and other facilities.