Short Interest in Omega Flex, Inc. (NASDAQ:OFLX) Grows By 25.1%

Omega Flex, Inc. (NASDAQ:OFLX) was the recipient of a significant 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. Approximately 1.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 24,900 shares, the days-to-cover ratio is presently 2.0 days.

Omega Flex Stock Up 2.3%

Shares of Omega Flex stock traded up $0.72 during trading on Tuesday, hitting $32.50. The stock had a trading volume of 75,342 shares, compared to its average volume of 25,941. The stock has a 50 day simple moving average of $32.05 and a 200 day simple moving average of $38.22. The company has a market capitalization of $328.06 million, a PE ratio of 17.96 and a beta of 0.36. Omega Flex has a 1 year low of $28.12 and a 1 year high of $61.88.

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

Omega Flex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 22nd. Shareholders of record on Thursday, April 10th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.36 annualized dividend and a yield of 4.18%. Omega Flex’s dividend payout ratio (DPR) is presently 79.07%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Omega Flex from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th.

Hedge Funds Weigh In On Omega Flex

Institutional investors and hedge funds have recently bought and sold shares of the business. Cardinal Capital Management purchased a new position in Omega Flex in the first quarter valued at about $933,000. Kayne Anderson Rudnick Investment Management LLC grew its stake in 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 purchasing an additional 24,466 shares in the last quarter. Nuveen LLC purchased a new position in Omega Flex in the first quarter valued at about $848,000. Proficio Capital Partners LLC purchased a new position in Omega Flex in the fourth quarter valued at about $690,000. Finally, Bank of New York Mellon Corp grew its stake in 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 purchasing an additional 15,242 shares in the last quarter. Hedge funds and other institutional investors own 36.06% of the company’s stock.

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.