Insider Buying: Omega Flex (NASDAQ:OFLX) Director Purchases 2,350 Shares of Stock

Omega Flex, Inc. (NASDAQ:OFLX) Director Stephen Shea acquired 2,350 shares of the stock in a transaction dated Friday, December 5th. The shares were bought at an average price of $28.47 per share, with a total value of $66,904.50. Following the completion of the transaction, the director directly owned 3,750 shares of the company’s stock, valued at $106,762.50. The trade was a 167.86% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Omega Flex Trading Down 1.7%

OFLX stock traded down $0.47 during trading on Monday, hitting $27.30. The company had a trading volume of 23,382 shares, compared to its average volume of 30,807. The stock has a market cap of $275.57 million, a PE ratio of 17.17 and a beta of 0.40. The business has a 50-day moving average of $28.29 and a 200-day moving average of $31.74. Omega Flex, Inc. has a one year low of $25.58 and a one year high of $48.34.

Omega Flex (NASDAQ:OFLX) last issued its quarterly earnings results on Friday, October 31st. The industrial products company reported $0.37 earnings per share (EPS) for the quarter. Omega Flex had a net margin of 16.08% and a return on equity of 19.24%. The firm had revenue of $24.23 million for the quarter.

Omega Flex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 7th. Investors of record on Friday, December 19th will be issued a $0.34 dividend. The ex-dividend date is Friday, December 19th. This represents a $1.36 annualized dividend and a yield of 5.0%. Omega Flex’s payout ratio is presently 85.53%.

Institutional Trading of Omega Flex

Several large investors have recently made changes to their positions in OFLX. Vanguard Group Inc. increased 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 buying an additional 8,715 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Omega Flex by 47.1% during 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 in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Omega Flex by 28.2% during the first quarter. Goldman Sachs Group Inc. now owns 58,834 shares of the industrial products company’s stock valued at $2,046,000 after acquiring an additional 12,928 shares in the last quarter. Cardinal Capital Management raised its position in shares of Omega Flex by 7.4% during the third quarter. Cardinal Capital Management now owns 41,802 shares of the industrial products company’s stock worth $1,318,000 after purchasing an additional 2,898 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of Omega Flex by 23.6% in the 2nd quarter. Marshall Wace LLP now owns 40,124 shares of the industrial products company’s stock worth $1,299,000 after purchasing an additional 7,661 shares in the last quarter. 36.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Omega Flex in a research report on Monday, December 1st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has an average rating of “Sell”.

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.