Omega Flex, Inc. (NASDAQ:OFLX) Short Interest Down 26.8% in March

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

Insiders Place Their Bets

In other news, CEO Dean W. Rivest acquired 1,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer owned 1,000 shares in the company, valued at approximately $29,500. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 65.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its holdings in shares of Omega Flex by 47.1% during the second quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company’s stock worth $4,813,000 after buying an additional 47,582 shares in the last quarter. Corsair Capital Management L.P. acquired a new stake in shares of Omega Flex in the fourth quarter valued at about $590,000. Trexquant Investment LP purchased a new position in shares of Omega Flex in the fourth quarter worth about $561,000. Quantinno Capital Management LP acquired a new position in Omega Flex during the second quarter worth about $521,000. Finally, Marshall Wace LLP grew its stake in Omega Flex by 33.4% during the 4th quarter. Marshall Wace LLP now owns 53,106 shares of the industrial products company’s stock valued at $1,563,000 after acquiring an additional 13,289 shares in the last quarter. Hedge funds and other institutional investors own 36.06% of the company’s stock.

Omega Flex Stock Up 3.5%

OFLX stock opened at $30.72 on Tuesday. Omega Flex has a 52 week low of $25.58 and a 52 week high of $37.92. The firm has a 50-day simple moving average of $33.36 and a 200-day simple moving average of $30.91. The stock has a market capitalization of $309.96 million, a P/E ratio of 20.90 and a beta of 0.42.

Omega Flex (NASDAQ:OFLX) last posted 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 return on equity of 17.68% and a net margin of 15.08%.The company had revenue of $25.21 million for the quarter.

Omega Flex Dividend Announcement

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

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Omega Flex in a report on Monday, December 29th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Omega Flex has an average rating of “Sell”.

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.