Omega Flex, Inc. (NASDAQ:OFLX) was the target of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 227,500 shares, a decline of 26.1% from the March 15th total of 308,000 shares. Based on an average trading volume of 12,000 shares, the days-to-cover ratio is currently 19.0 days. Currently, 7.5% of the shares of the company are short sold.
In other Omega Flex news, Director Stewart B. Reed sold 25,000 shares of the business's stock in a transaction on Friday, March 12th. The shares were sold at an average price of $151.00, for a total transaction of $3,775,000.00. Following the sale, the director now directly owns 844,887 shares in the company, valued at approximately $127,577,937. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stewart B. Reed sold 34,483 shares of the business's stock in a transaction on Friday, March 26th. The stock was sold at an average price of $145.00, for a total transaction of $5,000,035.00. Following the sale, the director now owns 810,404 shares in the company, valued at $117,508,580. The disclosure for this sale can be found here. Insiders own 45.01% of the company's stock.
Several institutional investors have recently added to or reduced their stakes in OFLX. Metropolitan Life Insurance Co NY acquired a new position in Omega Flex in the 1st quarter valued at about $78,000. Morgan Stanley increased its stake in shares of Omega Flex by 15.1% during the 1st quarter. Morgan Stanley now owns 25,786 shares of the industrial products company's stock valued at $2,176,000 after acquiring an additional 3,391 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Omega Flex by 10.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,083 shares of the industrial products company's stock valued at $170,000 after acquiring an additional 106 shares during the last quarter. Bennett Selby Investments LP acquired a new position in shares of Omega Flex during the 4th quarter valued at about $1,175,000. Finally, Conestoga Capital Advisors LLC grew its holdings in shares of Omega Flex by 0.6% during the 4th quarter. Conestoga Capital Advisors LLC now owns 437,749 shares of the industrial products company's stock worth $63,911,000 after purchasing an additional 2,643 shares during the period. Institutional investors and hedge funds own 33.70% of the company's stock.
Shares of NASDAQ OFLX traded up $1.36 during trading on Friday, hitting $144.39. 3,057 shares of the company were exchanged, compared to its average volume of 11,572. The company has a market cap of $1.46 billion, a price-to-earnings ratio of 79.77 and a beta of 0.51. Omega Flex has a 1 year low of $72.95 and a 1 year high of $193.60. The firm's fifty day moving average price is $156.86 and its 200 day moving average price is $157.14.
Omega Flex (NASDAQ:OFLX) last released its quarterly earnings data on Thursday, February 11th. The industrial products company reported $0.71 EPS for the quarter. Omega Flex had a net margin of 17.60% and a return on equity of 46.30%. The business had revenue of $31.63 million for the quarter.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 14th. Investors of record on Monday, April 5th were given a $0.28 dividend. The ex-dividend date of this dividend was Thursday, April 1st. This represents a $1.12 annualized dividend and a dividend yield of 0.78%.
About Omega Flex
Omega Flex, Inc, together with its subsidiaries, manufactures and sells flexible metal hoses and accessories in the United States and internationally. It offers flexible gas piping for use in residential and commercial buildings, as well as its fittings; and corrugated medical tubing for use in hospitals, ambulatory care centers, dental, physician and veterinary clinics, laboratories, and other facilities.
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