Short Interest in Omega Flex, Inc. (NASDAQ:OFLX) Drops By 20.1%

Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report) was the recipient of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 41,700 shares, a drop of 20.1% from the March 15th total of 52,200 shares. Approximately 1.2% of the shares of the company are short sold. Based on an average daily volume of 23,800 shares, the days-to-cover ratio is presently 1.8 days.

Omega Flex Stock Performance

NASDAQ OFLX traded down $0.41 on Friday, reaching $31.04. 11,287 shares of the company's stock traded hands, compared to its average volume of 25,175. Omega Flex has a fifty-two week low of $28.12 and a fifty-two week high of $68.50. The firm has a market cap of $313.32 million, a price-to-earnings ratio of 17.15 and a beta of 0.38. The stock has a 50 day moving average price of $35.12 and a 200-day moving average price of $41.88.

Omega Flex (NASDAQ:OFLX - Get Free Report) last issued its earnings results on Wednesday, March 5th. The industrial products company reported $0.46 EPS for the quarter. The firm had revenue of $26.97 million for the quarter. Omega Flex had a return on equity of 22.68% and a net margin of 17.71%.

Omega Flex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 22nd. Stockholders of record on Thursday, April 10th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 4.38%. The ex-dividend date of this dividend was Thursday, April 10th. Omega Flex's dividend payout ratio (DPR) is 75.98%.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Omega Flex from a "hold" rating to a "buy" rating in a report on Tuesday, April 8th.

Institutional Trading of Omega Flex

Hedge funds have recently added to or reduced their stakes in the company. State Street Corp raised its position in shares of Omega Flex by 3.4% in the third quarter. State Street Corp now owns 74,196 shares of the industrial products company's stock worth $3,729,000 after acquiring an additional 2,433 shares during the period. Barclays PLC increased its stake in shares of Omega Flex by 405.9% in the 3rd quarter. Barclays PLC now owns 6,450 shares of the industrial products company's stock valued at $323,000 after purchasing an additional 5,175 shares in the last quarter. Geode Capital Management LLC raised its holdings in Omega Flex by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 89,362 shares of the industrial products company's stock worth $4,461,000 after purchasing an additional 2,358 shares during the period. JPMorgan Chase & Co. boosted its position in Omega Flex by 51.2% during the third quarter. JPMorgan Chase & Co. now owns 13,512 shares of the industrial products company's stock worth $675,000 after purchasing an additional 4,578 shares in the last quarter. Finally, Inspire Investing LLC boosted its position in Omega Flex by 10.7% during the fourth quarter. Inspire Investing LLC now owns 19,162 shares of the industrial products company's stock worth $804,000 after purchasing an additional 1,856 shares in the last quarter. 36.06% of the stock is owned by hedge funds and other institutional investors.

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.