Azzad Asset Management Inc. ADV Makes New Investment in Omega Flex, Inc. (NASDAQ:OFLX)

Azzad Asset Management Inc. ADV purchased a new stake in shares of Omega Flex, Inc. (NASDAQ:OFLX - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 9,700 shares of the industrial products company's stock, valued at approximately $337,000. Azzad Asset Management Inc. ADV owned approximately 0.10% of Omega Flex at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OFLX. Kayne Anderson Rudnick Investment Management LLC raised its position in Omega Flex by 2.3% in the 4th 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 buying an additional 24,466 shares during the last quarter. Dimensional Fund Advisors LP grew its stake 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 during the period. Geode Capital Management LLC raised its holdings in shares of Omega Flex by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 90,131 shares of the industrial products company's stock valued at $3,783,000 after purchasing an additional 769 shares during the last quarter. Wells Fargo & Company MN lifted its position in Omega Flex by 14.1% during 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 during the period. Finally, Bank of New York Mellon Corp lifted its position in Omega Flex by 34.5% during 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 during the period. 36.06% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Omega Flex news, Chairman Kevin R. Hoben sold 972 shares of the business's stock in a transaction dated 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 now owns 898,533 shares of the company's stock, valued at approximately $28,348,716.15. The trade was a 0.11% decrease in their ownership of the stock. 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 Price Performance

Omega Flex stock traded up $2.89 during mid-day trading on Monday, reaching $34.21. 106,573 shares of the stock traded hands, compared to its average volume of 26,870. The stock has a market capitalization of $345.32 million, a PE ratio of 18.90 and a beta of 0.36. The business's 50-day moving average is $31.69 and its 200-day moving average is $37.09. Omega Flex, Inc. has a 12-month low of $28.12 and a 12-month high of $57.81.

Omega Flex (NASDAQ:OFLX - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.35 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 22nd. Shareholders of record on Thursday, April 10th were issued a dividend of $0.34 per share. The ex-dividend date was Thursday, April 10th. This represents a $1.36 dividend on an annualized basis and a yield of 3.98%. Omega Flex's dividend payout ratio is currently 79.07%.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Omega Flex from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th.

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.