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

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 given 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 4.12%.

Omega Flex Price Performance

NASDAQ OFLX traded up $0.21 during trading on Wednesday, hitting $32.98. 15,207 shares of the company's stock traded hands, compared to its average volume of 26,981. The firm has a market cap of $332.73 million, a P/E ratio of 19.17 and a beta of 0.36. The stock has a fifty day moving average of $31.76 and a two-hundred day moving average of $36.96. Omega Flex has a 12-month low of $28.12 and a 12-month high of $57.81.

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

Insider Activity

In related news, Chairman Kevin R. Hoben sold 972 shares of Omega Flex stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $31.55, for a total transaction of $30,666.60. Following the transaction, the chairman now owns 898,533 shares in the company, valued at approximately $28,348,716.15. The trade was a 0.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 65.20% of the company's stock.

Hedge Funds Weigh In On Omega Flex

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

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Omega Flex from a "buy" rating to a "hold" rating in a research report 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.

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