Omega Flex, Inc. (NASDAQ:OFLX) Short Interest Up 19.9% in March

Key Points

• Short interest rose 19.9% in March to 67,604 shares (about 1.9% of shares sold short), leaving a short‑interest ratio of 1.9 days.
• The company declared a quarterly dividend of $0.34 (annualized $1.36, yield 4.1%), with an ex‑dividend date of April 9 and a payout ratio near 92.5%.
• CEO Dean W. Rivest bought 1,000 shares at $29.50 on March 11, and insiders collectively own about 65.2% of the stock.

Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 67,604 shares, a growth of 19.9% from the March 15th total of 56,397 shares. Currently, 1.9% of the shares of the company are sold short. Based on an average daily volume of 35,992 shares, the short-interest ratio is currently 1.9 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Omega Flex from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of "Hold".

Insider Transactions at Omega Flex

In other news, CEO Dean W. Rivest bought 1,000 shares of Omega Flex stock in a transaction on Wednesday, March 11th. The stock was purchased at an average cost of $29.50 per share, with a total value of $29,500.00. Following the purchase, the chief executive officer directly owned 1,000 shares of the company's stock, valued at approximately $29,500. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 65.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Omega Flex

Several hedge funds have recently modified their holdings of OFLX. Ameriprise Financial Inc. lifted its position in shares of Omega Flex by 47.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company's stock valued at $4,813,000 after acquiring an additional 47,582 shares in the last quarter. Corsair Capital Management L.P. purchased a new stake in shares of Omega Flex in the 4th quarter valued at approximately $590,000. Trexquant Investment LP purchased a new stake in shares of Omega Flex in the 4th quarter valued at approximately $561,000. Quantinno Capital Management LP purchased a new stake in shares of Omega Flex in the 2nd quarter valued at approximately $521,000. Finally, Marshall Wace LLP lifted its stake in Omega Flex by 33.4% in the 4th quarter. Marshall Wace LLP now owns 53,106 shares of the industrial products company's stock worth $1,563,000 after acquiring an additional 13,289 shares in the last quarter. 36.06% of the stock is owned by hedge funds and other institutional investors.

Omega Flex Price Performance

Shares of Omega Flex stock traded up $0.69 during trading on Friday, hitting $33.46. The stock had a trading volume of 38,448 shares, compared to its average volume of 39,827. The firm has a market cap of $337.61 million, a P/E ratio of 22.76 and a beta of 0.49. The business has a fifty day moving average of $32.96 and a two-hundred day moving average of $30.88. Omega Flex has a fifty-two week low of $25.58 and a fifty-two week high of $37.92.

Omega Flex (NASDAQ:OFLX - Get Free Report) last announced its quarterly earnings data on Thursday, March 12th. The industrial products company reported $0.34 earnings per share for the quarter. Omega Flex had a return on equity of 17.68% and a net margin of 15.08%.The business had revenue of $25.21 million during the quarter.

Omega Flex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 21st. Stockholders of record on Thursday, April 9th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Thursday, April 9th. Omega Flex's dividend payout ratio is currently 92.52%.

About Omega Flex

Omega Flex, Inc designs, manufactures and distributes flexible metal tubing and related products that enable the safe and efficient conveyance of natural gas and other hydrocarbon fuels. The company's engineered solutions offer leak-resistant connections and installation flexibility, serving original equipment manufacturers, distributors and end-users across residential, commercial and industrial markets.

Its product portfolio includes corrugated stainless steel tubing (CSST), stainless steel hose assemblies, mechanical connectors, fittings, leak detection equipment and specialized installation tools.

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