Omega Flex (NASDAQ:OFLX) CEO Purchases $29,500.00 in Stock

Key Points

• CEO Dean Rivest purchased 1,000 shares of Omega Flex on March 11 at an average price of $29.50, a $29,500 insider buy that leaves him owning 1,000 shares.
• Omega Flex reported quarterly EPS of $0.34 on $25.21 million in revenue, with a market cap of $288.17 million, a PE ratio of 19.43 and a mid-day trading price of $28.56 (1-year range $25.58–$42.08).
• Institutions own about 36.06% of the stock with recent stake increases from Vanguard, Ameriprise and Goldman Sachs, while analyst coverage is negative — Weiss reissued a "sell (d)" and the consensus rating on MarketBeat is "Sell."

Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report) CEO Dean Rivest bought 1,000 shares of the firm's stock in a transaction on Wednesday, March 11th. The stock was purchased at an average price of $29.50 per share, for a total transaction of $29,500.00. Following the completion of the acquisition, the chief executive officer directly owned 1,000 shares in the company, valued at $29,500. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Omega Flex Trading Up 1.2%

Omega Flex stock traded up $0.33 during mid-day trading on Friday, hitting $28.56. The company's stock had a trading volume of 1,128 shares, compared to its average volume of 43,487. Omega Flex, Inc. has a 1 year low of $25.58 and a 1 year high of $42.08. The stock's fifty day moving average is $33.82 and its two-hundred day moving average is $31.43. The firm has a market capitalization of $288.17 million, a PE ratio of 19.43 and a beta of 0.42.

Omega Flex (NASDAQ:OFLX - Get Free Report) last released its quarterly earnings results on Thursday, March 12th. The industrial products company reported $0.34 earnings per share for the quarter. The business had revenue of $25.21 million during the quarter. Omega Flex had a return on equity of 17.70% and a net margin of 15.08%.

Institutional Trading of Omega Flex

A number of large investors have recently modified their holdings of OFLX. Vanguard Group Inc. raised its position in Omega Flex by 5.2% in the 3rd quarter. Vanguard Group Inc. now owns 177,754 shares of the industrial products company's stock valued at $5,543,000 after purchasing an additional 8,715 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Omega Flex by 47.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company's stock worth $4,813,000 after purchasing an additional 47,582 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Omega Flex by 12.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 68,668 shares of the industrial products company's stock worth $2,022,000 after purchasing an additional 7,502 shares in the last quarter. Marshall Wace LLP grew its stake in shares of Omega Flex by 33.4% during the fourth quarter. Marshall Wace LLP now owns 53,106 shares of the industrial products company's stock worth $1,563,000 after purchasing an additional 13,289 shares in the last quarter. Finally, Cardinal Capital Management increased its holdings in Omega Flex by 2.2% in the fourth quarter. Cardinal Capital Management now owns 42,716 shares of the industrial products company's stock valued at $1,272,000 after buying an additional 914 shares during the last quarter. Hedge funds and other institutional investors own 36.06% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "sell (d)" rating on shares of Omega Flex in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of "Sell".

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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