Omega Flex (NASDAQ:OFLX) Issues Earnings Results

Key Points

• Omega Flex reported EPS of $0.21 for the quarter with a return on equity of 17.68% and a net margin of 15.08%; the stock traded near $33.54 with a market cap of about $338.4M and a P/E of 22.8.
• The company paid a quarterly dividend of $0.34 (annualized $1.36), implying a 4.1% yield
• CEO Dean W. Rivest bought 1,000 shares at $29.50 and insiders collectively own 65.2% of the stock, while Weiss Ratings recently upgraded the shares from "sell" to "hold."

Omega Flex (NASDAQ:OFLX - Get Free Report) released its quarterly earnings results on Wednesday. The industrial products company reported $0.21 earnings per share for the quarter, Zacks reports. Omega Flex had a return on equity of 17.68% and a net margin of 15.08%.

Omega Flex Stock Performance

Shares of OFLX stock traded down $0.67 during mid-day trading on Wednesday, reaching $33.54. 25,157 shares of the company's stock traded hands, compared to its average volume of 41,537. The firm has a market capitalization of $338.42 million, a PE ratio of 22.82 and a beta of 0.49. Omega Flex has a 12 month low of $25.58 and a 12 month high of $37.92. The firm has a 50 day moving average price of $32.47 and a two-hundred day moving average price of $31.08.

Omega Flex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 21st. Stockholders of record on Thursday, April 9th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, April 9th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.1%. Omega Flex's payout ratio is presently 92.52%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Omega Flex from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of "Hold".

Insiders Place Their Bets

In related news, CEO Dean W. Rivest purchased 1,000 shares of the business's stock in a transaction on Wednesday, March 11th. The stock was acquired at an average price of $29.50 per share, with a total value of $29,500.00. Following the completion of the acquisition, the chief executive officer 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 legal filing with the SEC, which is accessible through the SEC website. Company insiders own 65.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its holdings in Omega Flex by 65.2% in the 4th quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company's stock worth $33,000 after buying an additional 442 shares during the period. Alliancebernstein L.P. raised its holdings in Omega Flex by 6.7% during the third quarter. Alliancebernstein L.P. now owns 7,970 shares of the industrial products company's stock valued at $249,000 after acquiring an additional 500 shares during the period. US Bancorp DE lifted its position in shares of Omega Flex by 19.8% in the third quarter. US Bancorp DE now owns 4,923 shares of the industrial products company's stock valued at $154,000 after acquiring an additional 814 shares in the last quarter. Barclays PLC lifted its position in shares of Omega Flex by 14.3% in the fourth quarter. Barclays PLC now owns 7,060 shares of the industrial products company's stock valued at $208,000 after acquiring an additional 882 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of Omega Flex by 25.7% in the third quarter. BNP Paribas Financial Markets now owns 4,679 shares of the industrial products company's stock worth $146,000 after acquiring an additional 957 shares during the period. 36.06% of the stock is currently owned by institutional investors.

Omega Flex Company Profile

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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