60,515 Shares in Omega Flex, Inc. $OFLX Bought by Punch & Associates Investment Management Inc.

Key Points

• Punch & Associates Investment Management bought 60,515 Omega Flex shares during the second quarter, valued at approximately $1.9 million and representing about 0.60% of the company.
• Omega Flex reported quarterly EPS of $0.27 on revenue of $24.06 million. The company also declared a $0.34 quarterly dividend, equivalent to a 5.1% yield, though its 114.29% payout ratio exceeds earnings.
• The stock opened at $26.90, near its 12-month low of $25.58, while the company carries an overall “Sell” rating from analysts.

Punch & Associates Investment Management Inc. bought a new stake in Omega Flex, Inc. (NASDAQ:OFLX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 60,515 shares of the industrial products company's stock, valued at approximately $1,900,000. Punch & Associates Investment Management Inc. owned about 0.60% of Omega Flex at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in OFLX. CANADA LIFE ASSURANCE Co purchased a new position in shares of Omega Flex in the 4th quarter worth about $32,000. Russell Investments Group Ltd. grew its holdings in shares of Omega Flex by 65.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company's stock worth $33,000 after purchasing an additional 442 shares during the period. Comerica Bank grew its holdings in shares of Omega Flex by 313.1% during the 4th quarter. Comerica Bank now owns 1,231 shares of the industrial products company's stock worth $36,000 after purchasing an additional 933 shares during the period. Fifth Third Bancorp acquired a new stake in Omega Flex during the 1st quarter worth approximately $46,000. Finally, Versant Capital Management Inc increased its position in Omega Flex by 912.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,670 shares of the industrial products company's stock worth $52,000 after purchasing an additional 1,505 shares in the last quarter. Hedge funds and other institutional investors own 36.06% of the company's stock.

Omega Flex Price Performance

NASDAQ:OFLX opened at $26.90 on Thursday. The business's 50-day moving average is $29.85 and its two-hundred day moving average is $31.21. The firm has a market capitalization of $271.42 million, a PE ratio of 22.61 and a beta of 0.45. Omega Flex, Inc. has a 12 month low of $25.58 and a 12 month high of $37.92.

Omega Flex (NASDAQ:OFLX - Get Free Report) last posted its earnings results on Wednesday, August 12th. The industrial products company reported $0.27 earnings per share (EPS) for the quarter. The business had revenue of $24.06 million during the quarter. Omega Flex had a return on equity of 14.26% and a net margin of 12.27%.

Omega Flex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd were given a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $1.36 annualized dividend and a yield of 5.1%. Omega Flex's dividend payout ratio (DPR) is 114.29%.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Omega Flex in a research report on Wednesday, July 29th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Omega Flex currently has an average 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.

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