Omega Flex, Inc. (NASDAQ:OFLX) Sees Large Increase in Short Interest

Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report) was the recipient of a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 49,900 shares, an increase of 25.1% from the April 30th total of 39,900 shares. Based on an average daily trading volume, of 24,900 shares, the days-to-cover ratio is currently 2.0 days. Currently, 1.4% of the shares of the company are sold short.

Omega Flex Stock Performance

Shares of NASDAQ:OFLX traded down $0.72 on Thursday, hitting $31.49. The company's stock had a trading volume of 18,172 shares, compared to its average volume of 25,828. Omega Flex has a 12 month low of $28.12 and a 12 month high of $61.75. The company has a market capitalization of $317.86 million, a price-to-earnings ratio of 17.40 and a beta of 0.36. The stock's 50-day moving average is $31.91 and its two-hundred day moving average is $38.14.

Omega Flex (NASDAQ:OFLX - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter. Omega Flex had a return on equity of 22.68% and a net margin of 17.71%. The company had revenue of $23.33 million during the quarter.

Omega Flex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 22nd. Stockholders of record on Thursday, April 10th were paid a $0.34 dividend. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.36 annualized dividend and a dividend yield of 4.32%. Omega Flex's payout ratio is 79.07%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of OFLX. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of Omega Flex by 2.3% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,075,240 shares of the industrial products company's stock valued at $45,128,000 after buying an additional 24,466 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Omega Flex by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 241,717 shares of the industrial products company's stock valued at $10,145,000 after buying an additional 1,421 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Omega Flex by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 90,131 shares of the industrial products company's stock valued at $3,783,000 after buying an additional 769 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Omega Flex by 14.1% in the fourth quarter. Wells Fargo & Company MN now owns 75,279 shares of the industrial products company's stock valued at $3,159,000 after buying an additional 9,311 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Omega Flex by 34.5% in the fourth quarter. Bank of New York Mellon Corp now owns 59,459 shares of the industrial products company's stock valued at $2,495,000 after buying an additional 15,242 shares during the period. Institutional investors own 36.06% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded Omega Flex from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th.

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.