Bank of New York Mellon Corp Buys New Stake in Omega Flex, Inc. $OFLX

Key Points

• Bank of New York Mellon acquired 55,022 Omega Flex shares worth approximately $1.73 million, representing about 0.55% of the company. Institutional investors and hedge funds collectively own 36.06% of OFLX.
• Omega Flex shares opened at $26.00, near their 52-week low of $25.58 and down from their 50-day and 200-day moving averages. The company reported quarterly earnings of $0.27 per share on revenue of $24.06 million.
• Wall Street sentiment remains negative: Weiss Ratings reiterated a “sell (D+)” rating, and the stock has an average rating of “Sell” from the one analyst covering it.

Bank of New York Mellon Corp purchased a new stake in Omega Flex, Inc. (NASDAQ:OFLX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 55,022 shares of the industrial products company's stock, valued at approximately $1,727,000. Bank of New York Mellon Corp owned about 0.55% of Omega Flex as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GSA Capital Partners LLP acquired a new position in shares of Omega Flex in the 2nd quarter valued at about $1,091,000. Versant Capital Management Inc lifted its holdings in Omega Flex by 912.1% in the second quarter. Versant Capital Management Inc now owns 1,670 shares of the industrial products company's stock valued at $52,000 after acquiring an additional 1,505 shares during the period. Quantinno Capital Management LP lifted its holdings in Omega Flex by 48.2% in the first quarter. Quantinno Capital Management LP now owns 25,517 shares of the industrial products company's stock valued at $792,000 after acquiring an additional 8,296 shares during the period. Corsair Capital Management L.P. boosted its position in Omega Flex by 38.7% in the 1st quarter. Corsair Capital Management L.P. now owns 27,792 shares of the industrial products company's stock worth $863,000 after purchasing an additional 7,759 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. purchased a new stake in Omega Flex in the 1st quarter worth approximately $1,350,000. 36.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated 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 MarketBeat.com, the stock has an average rating of "Sell".

Omega Flex Stock Down 3.4%

Shares of OFLX opened at $26.00 on Wednesday. Omega Flex, Inc. has a 52-week low of $25.58 and a 52-week high of $37.92. The stock has a market cap of $262.34 million, a PE ratio of 21.85 and a beta of 0.45. The firm's fifty day moving average is $29.04 and its two-hundred day moving average is $30.55.

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

Omega Flex 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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