Omega Flex, Inc. $OFLX Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its stake in Omega Flex by 6.4%, now holding approximately 1,006,000 shares valued at about $34.99 million.
• Omega Flex recently reported quarterly earnings of $0.41 per share, with a revenue of $25.52 million and a strong net margin of 16.91%.
• The company declared a quarterly dividend of $0.34, providing an annualized yield of 3.7%, with a payout ratio of 80.95%.

Kayne Anderson Rudnick Investment Management LLC lessened its stake in Omega Flex, Inc. (NASDAQ:OFLX - Free Report) by 6.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,005,985 shares of the industrial products company's stock after selling 69,255 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned 9.97% of Omega Flex worth $34,988,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. CWM LLC boosted its stake in Omega Flex by 183.8% in the 1st quarter. CWM LLC now owns 1,223 shares of the industrial products company's stock worth $43,000 after purchasing an additional 792 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Omega Flex by 4,271.4% in the 1st quarter. GAMMA Investing LLC now owns 1,530 shares of the industrial products company's stock valued at $53,000 after acquiring an additional 1,495 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Omega Flex by 95.9% in the first quarter. PNC Financial Services Group Inc. now owns 1,787 shares of the industrial products company's stock worth $62,000 after acquiring an additional 875 shares during the period. State of Wyoming acquired a new stake in shares of Omega Flex in the fourth quarter worth $135,000. Finally, Bank of America Corp DE raised its holdings in shares of Omega Flex by 16.0% during the fourth quarter. Bank of America Corp DE now owns 6,507 shares of the industrial products company's stock worth $273,000 after purchasing an additional 897 shares during the last quarter. 36.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Omega Flex Price Performance

OFLX stock traded up $0.22 during trading on Thursday, hitting $35.44. The stock had a trading volume of 8,487 shares, compared to its average volume of 25,335. Omega Flex, Inc. has a twelve month low of $28.12 and a twelve month high of $57.81. The company's 50-day moving average price is $33.91 and its two-hundred day moving average price is $34.01. The stock has a market capitalization of $357.59 million, a P/E ratio of 20.96 and a beta of 0.31.

Omega Flex (NASDAQ:OFLX - Get Free Report) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $0.41 EPS for the quarter. The business had revenue of $25.52 million during the quarter. Omega Flex had a return on equity of 20.48% and a net margin of 16.91%.

Omega Flex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 30th were given a dividend of $0.34 per share. The ex-dividend date was Monday, June 30th. This represents a $1.36 dividend on an annualized basis and a yield of 3.8%. Omega Flex's payout ratio is presently 80.95%.

Insider Activity

In related news, Chairman Kevin R. Hoben sold 972 shares of the stock in a transaction that occurred 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 owned 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 65.20% of the stock is owned by company insiders.

About Omega Flex

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.