Azzad Asset Management Inc. ADV Invests $337,000 in Omega Flex, Inc. (NASDAQ:OFLX)

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

Other institutional investors also recently bought and sold shares of the company. Renaissance Technologies LLC raised its holdings in Omega Flex by 0.8% during the fourth quarter. Renaissance Technologies LLC now owns 52,680 shares of the industrial products company's stock worth $2,211,000 after purchasing an additional 400 shares in the last quarter. Two Sigma Advisers LP lifted its position in Omega Flex by 5.5% in the fourth quarter. Two Sigma Advisers LP now owns 7,700 shares of the industrial products company's stock valued at $323,000 after acquiring an additional 400 shares during the last quarter. Northern Trust Corp boosted its stake in Omega Flex by 1.4% in the fourth quarter. Northern Trust Corp now owns 36,525 shares of the industrial products company's stock valued at $1,533,000 after acquiring an additional 499 shares in the last quarter. Barclays PLC grew its holdings in shares of Omega Flex by 10.0% during the fourth quarter. Barclays PLC now owns 7,098 shares of the industrial products company's stock worth $298,000 after purchasing an additional 648 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Omega Flex by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 90,131 shares of the industrial products company's stock worth $3,783,000 after buying an additional 769 shares during the last quarter. 36.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Omega Flex Trading Down 1.2%

Shares of OFLX traded down $0.40 during mid-day trading on Thursday, hitting $32.37. 53,510 shares of the company's stock were exchanged, compared to its average volume of 26,959. Omega Flex, Inc. has a fifty-two week low of $28.12 and a fifty-two week high of $57.81. The business's 50 day moving average is $31.77 and its two-hundred day moving average is $36.93. The firm has a market capitalization of $326.61 million, a P/E ratio of 18.82 and a beta of 0.36.

Omega Flex (NASDAQ:OFLX - Get Free Report) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $0.35 earnings per share for the quarter. Omega Flex had a return on equity of 21.09% and a net margin of 17.40%. The company had revenue of $23.33 million for the quarter.

Omega Flex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Monday, June 30th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 4.20%. Omega Flex's dividend payout ratio (DPR) is presently 79.07%.

Insider Activity

In other Omega Flex news, Chairman Kevin R. Hoben sold 972 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $31.55, for a total value 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. This trade represents a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 65.20% of the company's stock.

Omega Flex 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.