BlackRock Inc. 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 277,611 shares of the industrial products company's stock, valued at approximately $8,714,000. BlackRock Inc. owned about 2.75% of Omega Flex as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also modified their holdings of OFLX. CANADA LIFE ASSURANCE Co purchased a new position in Omega Flex during the fourth quarter valued at approximately $32,000. Russell Investments Group Ltd. boosted its position in Omega Flex by 65.2% in 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 in the last quarter. Comerica Bank grew its stake 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 purchased a new position in shares of Omega Flex during the 1st quarter valued at approximately $46,000. Finally, Versant Capital Management Inc increased its holdings in shares of 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 valued at $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.
Analyst Ratings Changes
Separately, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Omega Flex in a report on Wednesday, July 29th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Omega Flex currently has an average rating of "Sell".
Check Out Our Latest Stock Report on Omega Flex
Omega Flex Price Performance
Shares of OFLX stock opened at $26.91 on Friday. The firm's 50-day moving average is $29.24 and its two-hundred day moving average is $30.74. Omega Flex, Inc. has a 12 month low of $25.58 and a 12 month high of $37.92. The company has a market capitalization of $271.52 million, a PE ratio of 22.61 and a beta of 0.45.
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 business had revenue of $24.06 million during the quarter. Omega Flex had a net margin of 12.27% and a return on equity of 14.26%.
Omega Flex Announces Dividend
The firm also recently announced 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 was Tuesday, June 23rd. This represents a $1.36 dividend on an annualized basis and a yield of 5.1%. Omega Flex's payout ratio is currently 114.29%.
Omega Flex Company Profile
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding OFLX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Omega Flex, Inc. (NASDAQ:OFLX - Free Report).
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