Omega Flex, Inc. to Issue Quarterly Dividend of $0.34 (NASDAQ:OFLX)

Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report) announced a quarterly dividend on Wednesday, June 18th, RTT News reports. Investors of record on Monday, June 30th will be paid a dividend of 0.34 per share by the industrial products company on Thursday, July 10th. This represents a $1.36 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend is Monday, June 30th.

Omega Flex Price Performance

Shares of OFLX stock traded down $0.05 during trading hours on Friday, reaching $32.32. 89,718 shares of the company's stock were exchanged, compared to its average volume of 26,908. The company's 50 day moving average is $31.84 and its two-hundred day moving average is $36.69. The company has a market cap of $326.24 million, a P/E ratio of 18.79 and a beta of 0.36. Omega Flex has a 1 year low of $28.12 and a 1 year high of $57.81.

Omega Flex (NASDAQ:OFLX - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter. Omega Flex had a return on equity of 21.09% and a net margin of 17.40%. The firm had revenue of $23.33 million during the quarter.

Insiders Place Their Bets

In other news, Chairman Kevin R. Hoben sold 972 shares of Omega Flex stock in a transaction 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 completion of the transaction, the chairman now owns 898,533 shares of the company's stock, valued at $28,348,716.15. The trade was a 0.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 65.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Omega Flex

Several hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its holdings in shares of Omega Flex by 36.1% in the first quarter. Royal Bank of Canada now owns 9,843 shares of the industrial products company's stock valued at $342,000 after purchasing an additional 2,612 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Omega Flex in the 1st quarter valued at approximately $159,000. Jane Street Group LLC grew its holdings in Omega Flex by 119.0% during the 1st quarter. Jane Street Group LLC now owns 14,080 shares of the industrial products company's stock valued at $490,000 after buying an additional 7,651 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in Omega Flex during the 1st quarter valued at $292,000. Finally, Goldman Sachs Group Inc. increased its position in Omega Flex by 28.2% during the first quarter. Goldman Sachs Group Inc. now owns 58,834 shares of the industrial products company's stock worth $2,046,000 after buying an additional 12,928 shares in the last quarter. 36.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

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.