Nuveen LLC Acquires New Stake in Omega Flex, Inc. $OFLX

Nuveen LLC bought a new stake in Omega Flex, Inc. (NASDAQ:OFLX - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 24,390 shares of the industrial products company's stock, valued at approximately $848,000. Nuveen LLC owned approximately 0.24% of Omega Flex as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. grew its holdings in Omega Flex by 95.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,787 shares of the industrial products company's stock valued at $62,000 after purchasing an additional 875 shares during the period. CWM LLC grew its holdings in Omega Flex by 183.8% during the first quarter. CWM LLC now owns 1,223 shares of the industrial products company's stock valued at $43,000 after purchasing an additional 792 shares during the period. M&T Bank Corp grew its holdings in Omega Flex by 40.0% during the first quarter. M&T Bank Corp now owns 6,907 shares of the industrial products company's stock valued at $240,000 after purchasing an additional 1,975 shares during the period. Envestnet Asset Management Inc. grew its holdings in Omega Flex by 25.5% during the first 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 during the period. Finally, Cardinal Capital Management bought a new position in Omega Flex during the first quarter valued at $933,000. 36.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Activity

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

Omega Flex Price Performance

Shares of NASDAQ:OFLX traded down $0.28 during trading on Friday, hitting $35.01. 18,781 shares of the company were exchanged, compared to its average volume of 17,258. The company has a market cap of $353.25 million, a PE ratio of 20.84 and a beta of 0.28. The stock has a 50 day moving average of $34.07 and a 200 day moving average of $33.87. Omega Flex, Inc. has a 52-week low of $28.12 and a 52-week high of $57.81.

Omega Flex (NASDAQ:OFLX - Get Free Report) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter. The firm 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders 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 annualized dividend and a dividend yield of 3.9%. Omega Flex's dividend payout ratio is currently 80.95%.

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.