Short Interest in Omega Flex, Inc. (NASDAQ:OFLX) Decreases By 26.8%

Key Points

• Short interest fell 26.8% in March to 56,397 shares (about 1.6% of shares outstanding), leaving a short-interest ratio of roughly 0.9 days based on average daily volume.
• CEO Dean W. Rivest purchased 1,000 shares at $29.50 on March 11, and company insiders collectively own a high 65.20% stake in Omega Flex.
• Omega Flex declared a quarterly dividend of $0.34 (annualized $1.36, 4.6% yield; ex-dividend Apr 9) and posted quarterly EPS of $0.34 on $25.21 million in revenue, while the stock trades near $29.69 with a PE of 20.2 and a MarketBeat consensus rating of "Sell."

Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report) was the target of a significant decrease in short interest during the month of March. As of March 13th, there was short interest totaling 56,397 shares, a decrease of 26.8% from the February 26th total of 77,084 shares. Currently, 1.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 61,536 shares, the short-interest ratio is presently 0.9 days.

Insider Activity at Omega Flex

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

Institutional Trading of Omega Flex

Institutional investors have recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its holdings in Omega Flex by 47.1% in the second 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 during the last quarter. Corsair Capital Management L.P. acquired a new stake in Omega Flex during the fourth quarter worth $590,000. Trexquant Investment LP purchased a new stake in Omega Flex in the fourth quarter valued at $561,000. Quantinno Capital Management LP purchased a new stake in Omega Flex in the second quarter valued at $521,000. Finally, Marshall Wace LLP lifted its stake in shares of Omega Flex by 33.4% in the 4th quarter. Marshall Wace LLP now owns 53,106 shares of the industrial products company's stock valued at $1,563,000 after purchasing an additional 13,289 shares during the last quarter. Hedge funds and other institutional investors own 36.06% of the company's stock.

Omega Flex Stock Performance

Shares of NASDAQ OFLX traded down $0.36 during trading on Friday, hitting $29.69. 30,377 shares of the company were exchanged, compared to its average volume of 48,606. Omega Flex has a 12-month low of $25.58 and a 12-month high of $37.92. The company has a fifty day moving average price of $33.39 and a 200-day moving average price of $30.96. The firm has a market capitalization of $299.69 million, a PE ratio of 20.20 and a beta of 0.42.

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 (EPS) for the quarter. Omega Flex had a net margin of 15.08% and a return on equity of 17.68%. The firm had revenue of $25.21 million during the quarter.

Omega Flex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 21st. Stockholders of record on Thursday, April 9th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, April 9th. This represents a $1.36 annualized dividend and a dividend yield of 4.6%. Omega Flex's dividend payout ratio is 92.52%.

Analyst Ratings Changes

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

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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