Nuveen LLC Acquires New Shares in Omega Flex, Inc. $OFLX

Nuveen LLC purchased a new position in Omega Flex, Inc. (NASDAQ:OFLX) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 24,390 shares of the industrial products company’s stock, valued at approximately $848,000. Nuveen LLC owned approximately 0.24% of Omega Flex at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of 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 worth $45,128,000 after acquiring an additional 24,466 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Omega Flex by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 241,717 shares of the industrial products company’s stock worth $10,145,000 after acquiring an additional 1,421 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Omega Flex by 1.4% in the fourth quarter. Northern Trust Corp now owns 36,525 shares of the industrial products company’s stock worth $1,533,000 after acquiring an additional 499 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Omega Flex by 25.5% in the first quarter. Envestnet Asset Management Inc. now owns 35,498 shares of the industrial products company’s stock worth $1,235,000 after acquiring an additional 7,203 shares in the last quarter. Finally, Cardinal Capital Management bought a new stake in shares of Omega Flex in the first quarter worth about $933,000. 36.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Omega Flex Stock Performance

NASDAQ:OFLX opened at $34.73 on Wednesday. The company has a market cap of $350.43 million, a PE ratio of 20.67 and a beta of 0.28. Omega Flex, Inc. has a 52-week low of $28.12 and a 52-week high of $57.81. The stock has a 50-day simple moving average of $34.02 and a 200 day simple moving average of $33.91.

Omega Flex (NASDAQ:OFLX) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $0.41 EPS for the quarter. Omega Flex had a return on equity of 20.48% and a net margin of 16.91%.The firm had revenue of $25.52 million during the quarter.

Omega Flex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 30th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Monday, June 30th. Omega Flex’s dividend payout ratio (DPR) is presently 80.95%.

Insiders Place Their Bets

In related news, Chairman Kevin R. Hoben sold 972 shares of Omega Flex stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $31.55, for a total transaction of $30,666.60. Following the completion of the sale, the chairman directly owned 898,533 shares of the company’s stock, valued at approximately $28,348,716.15. This trade represents a 0.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 65.20% of the company’s stock.

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.