Neuberger Berman Group LLC Has $1.61 Million Stock Holdings in Omega Flex, Inc. $OFLX

Key Points

• Neuberger Berman Group LLC reduced its stake in Omega Flex by 59.5%, now owning 46,168 shares valued at approximately $1.606 million.
• Corporate insiders hold 65.20% of the company's stock, and Chairman Kevin R. Hoben sold 972 shares for about $30,666.
• Omega Flex reported earnings of $0.41 per share for the last quarter and has announced a quarterly dividend of $0.34, yielding about 4.1%.

Neuberger Berman Group LLC lessened its holdings in Omega Flex, Inc. (NASDAQ:OFLX - Free Report) by 59.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,168 shares of the industrial products company's stock after selling 67,772 shares during the period. Neuberger Berman Group LLC owned approximately 0.46% of Omega Flex worth $1,606,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC raised its position in Omega Flex by 183.8% in the first 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 raised its position in Omega Flex by 4,271.4% in the first quarter. GAMMA Investing LLC now owns 1,530 shares of the industrial products company's stock worth $53,000 after purchasing an additional 1,495 shares in the last quarter. PNC Financial Services Group Inc. raised its position in 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 purchasing an additional 875 shares in the last quarter. State of Wyoming acquired a new position in Omega Flex in the fourth quarter worth about $135,000. Finally, M&T Bank Corp raised its position in Omega Flex by 40.0% in the first quarter. M&T Bank Corp now owns 6,907 shares of the industrial products company's stock worth $240,000 after purchasing an additional 1,975 shares in the last quarter. Institutional investors and hedge funds own 36.06% of the company's stock.

Omega Flex Trading Down 1.6%

Shares of Omega Flex stock traded down $0.5250 during midday trading on Thursday, reaching $32.9850. The company had a trading volume of 3,373 shares, compared to its average volume of 32,429. The company has a market capitalization of $332.95 million, a price-to-earnings ratio of 19.63 and a beta of 0.31. The stock has a fifty day simple moving average of $33.58 and a 200 day simple moving average of $34.14. Omega Flex, Inc. has a 1-year low of $28.12 and a 1-year high of $57.81.

Omega Flex (NASDAQ:OFLX - Get Free Report) last issued its quarterly 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 during the quarter. Omega Flex had a net margin of 16.91% and a return on equity of 20.48%.

Omega Flex Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 30th were issued a $0.34 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.1%. Omega Flex's dividend payout ratio (DPR) is currently 80.95%.

Analysts Set New Price Targets

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

Insider Buying and Selling 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 shares were 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 $28,348,716.15. This trade represents a 0.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 65.20% of the stock is currently owned by corporate insiders.

Omega Flex 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.