Omega Flex (NASDAQ:OFLX) Sees Large Volume Increase

Omega Flex, Inc. (NASDAQ:OFLX) shares saw unusually-strong trading volume on Tuesday . Approximately 13,042 shares traded hands during mid-day trading, a decline of 30% from the previous session’s volume of 18,567 shares.The stock last traded at $51.20 and had previously closed at $51.01.

Omega Flex Stock Down 0.7 %

The business has a 50-day simple moving average of $61.70 and a 200-day simple moving average of $68.20. The company has a market cap of $511.06 million, a PE ratio of 26.85 and a beta of 0.38.

Omega Flex (NASDAQ:OFLX) last announced its earnings results on Wednesday, May 1st. The industrial products company reported $0.42 earnings per share for the quarter. Omega Flex had a return on equity of 24.76% and a net margin of 18.03%. The business had revenue of $25.22 million during the quarter.

Omega Flex Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Shareholders of record on Wednesday, June 26th will be paid a dividend of $0.34 per share. This is a positive change from Omega Flex’s previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a yield of 2.69%. The ex-dividend date is Wednesday, June 26th. Omega Flex’s payout ratio is 71.58%.

Hedge Funds Weigh In On Omega Flex

Hedge funds and other institutional investors have recently made changes to their positions in the company. EntryPoint Capital LLC raised its stake in Omega Flex by 577.5% in the 1st quarter. EntryPoint Capital LLC now owns 1,836 shares of the industrial products company’s stock valued at $130,000 after purchasing an additional 1,565 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Omega Flex by 1.5% in the first quarter. Vanguard Group Inc. now owns 161,884 shares of the industrial products company’s stock valued at $11,482,000 after buying an additional 2,411 shares during the last quarter. State Board of Administration of Florida Retirement System acquired a new stake in shares of Omega Flex in the first quarter valued at about $128,000. Sei Investments Co. lifted its stake in shares of Omega Flex by 1.5% in the first quarter. Sei Investments Co. now owns 23,694 shares of the industrial products company’s stock worth $1,681,000 after buying an additional 348 shares in the last quarter. Finally, Norden Group LLC acquired a new position in Omega Flex during the first quarter worth about $249,000. 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.