Kayne Anderson Rudnick Investment Management LLC Reduces Position in Omega Flex, Inc. $OFLX

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its stake in Omega Flex by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 241,717 shares of the industrial products company's stock worth $10,145,000 after buying an additional 1,421 shares during the last quarter. Geode Capital Management LLC lifted 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 acquiring an additional 769 shares in the last quarter. Northern Trust Corp raised its position in Omega Flex by 1.4% in the 4th quarter. Northern Trust Corp now owns 36,525 shares of the industrial products company's stock valued at $1,533,000 after purchasing an additional 499 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Omega Flex by 25.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 35,498 shares of the industrial products company's stock valued at $1,235,000 after purchasing an additional 7,203 shares in the last quarter. Finally, Cardinal Capital Management acquired a new stake in Omega Flex in the 1st quarter valued at about $933,000. Institutional investors and hedge funds own 36.06% of the company's stock.

Wall Street Analysts Forecast Growth

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

Omega Flex Price Performance

Shares of NASDAQ OFLX traded down $0.14 during midday trading on Friday, hitting $35.30. 19,675 shares of the company's stock were exchanged, compared to its average volume of 23,679. Omega Flex, Inc. has a twelve month low of $28.12 and a twelve month high of $57.81. The company has a market cap of $356.18 million, a PE ratio of 21.01 and a beta of 0.31. The firm's fifty day simple moving average is $33.97 and its 200-day simple moving average is $33.95.

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

Omega Flex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 30th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Monday, June 30th. Omega Flex's dividend payout ratio (DPR) is currently 80.95%.

Insider Transactions at Omega Flex

In related news, Chairman Kevin R. Hoben sold 972 shares of the firm'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 transaction, the chairman owned 898,533 shares in the company, valued at $28,348,716.15. This trade represents a 0.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 65.20% of the stock is owned by corporate 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.