43,500 Shares in Omega Flex, Inc. $OFLX Acquired by Punch & Associates Investment Management Inc.

Key Points

• Punch & Associates Investment Management opened a new position in Omega Flex, buying 43,500 shares worth about $1.35 million, or roughly 0.43% of the company.
• Several other institutional investors also adjusted their holdings, and institutional ownership stands at 36.06% of Omega Flex shares.
• Omega Flex recently reported quarterly EPS of $0.21 and paid a $0.34 quarterly dividend (4.6% yield), while analysts currently maintain a Sell consensus rating.

Punch & Associates Investment Management Inc. bought a new stake in Omega Flex, Inc. (NASDAQ:OFLX - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 43,500 shares of the industrial products company's stock, valued at approximately $1,350,000. Punch & Associates Investment Management Inc. owned about 0.43% of Omega Flex as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OFLX. Vanguard Group Inc. lifted its stake in Omega Flex by 5.2% during the third quarter. Vanguard Group Inc. now owns 177,754 shares of the industrial products company's stock worth $5,543,000 after purchasing an additional 8,715 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Omega Flex by 47.1% in the second quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company's stock valued at $4,813,000 after buying an additional 47,582 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Omega Flex by 12.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 68,668 shares of the industrial products company's stock valued at $2,022,000 after buying an additional 7,502 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Omega Flex by 8.2% in the 1st quarter. Bank of New York Mellon Corp now owns 53,321 shares of the industrial products company's stock valued at $1,655,000 after buying an additional 4,055 shares during the period. Finally, Marshall Wace LLP raised its holdings in shares of Omega Flex by 33.4% in the 4th quarter. Marshall Wace LLP now owns 53,106 shares of the industrial products company's stock valued at $1,563,000 after buying an additional 13,289 shares during the period. Hedge funds and other institutional investors own 36.06% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut Omega Flex from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of "Sell".

Omega Flex Stock Up 0.3%

Shares of OFLX opened at $29.55 on Friday. The company has a market cap of $298.16 million, a P/E ratio of 22.22 and a beta of 0.46. Omega Flex, Inc. has a fifty-two week low of $25.58 and a fifty-two week high of $37.92. The firm's 50 day moving average price is $30.26 and its 200 day moving average price is $31.81.

Omega Flex (NASDAQ:OFLX - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The industrial products company reported $0.21 EPS for the quarter. Omega Flex had a net margin of 13.60% and a return on equity of 15.94%. The company had revenue of $23.09 million during the quarter.

Omega Flex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Tuesday, June 23rd. Omega Flex's dividend payout ratio (DPR) is presently 102.26%.

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.

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