Cardinal Capital Management Takes $933,000 Position in Omega Flex, Inc. (NASDAQ:OFLX)

Cardinal Capital Management acquired a new position in shares of Omega Flex, Inc. (NASDAQ:OFLX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 26,835 shares of the industrial products company's stock, valued at approximately $933,000. Cardinal Capital Management owned 0.27% of Omega Flex at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OFLX. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Omega Flex by 2.3% during the fourth 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 purchasing an additional 24,466 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Omega Flex in the fourth quarter valued at $690,000. Bank of New York Mellon Corp raised its stake in shares of Omega Flex by 34.5% during the 4th quarter. Bank of New York Mellon Corp now owns 59,459 shares of the industrial products company's stock worth $2,495,000 after buying an additional 15,242 shares during the last quarter. Azzad Asset Management Inc. ADV acquired a new position in shares of Omega Flex during the 1st quarter worth $337,000. Finally, Wells Fargo & Company MN boosted its position in shares of Omega Flex by 14.1% in the 4th quarter. Wells Fargo & Company MN now owns 75,279 shares of the industrial products company's stock worth $3,159,000 after buying an additional 9,311 shares in the last quarter. Institutional investors and hedge funds own 36.06% of the company's stock.

Omega Flex Stock Down 4.2%

Shares of NASDAQ OFLX opened at $32.77 on Wednesday. Omega Flex, Inc. has a 52-week low of $28.12 and a 52-week high of $57.81. The firm has a fifty day moving average of $31.76 and a 200-day moving average of $36.96. The stock has a market capitalization of $330.65 million, a PE ratio of 19.05 and a beta of 0.36.

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

Omega Flex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 22nd. Investors of record on Thursday, April 10th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 4.15%. The ex-dividend date was Thursday, April 10th. Omega Flex's dividend payout ratio is currently 79.07%.

Analysts Set New Price Targets

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

Insider Activity at Omega Flex

In other news, Chairman Kevin R. Hoben sold 972 shares of the company's stock in a transaction that occurred on 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 transaction, the chairman now directly owns 898,533 shares of the company's stock, valued at approximately $28,348,716.15. This represents a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 65.20% of the stock is owned by corporate insiders.

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.

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