Omega Flex, Inc. (NASDAQ:OFLX) Position Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in Omega Flex, Inc. (NASDAQ:OFLX) by 1.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,067 shares of the industrial products company’s stock after selling 473 shares during the period. Bank of New York Mellon Corp’s holdings in Omega Flex were worth $2,311,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Norden Group LLC acquired a new stake in Omega Flex during the 1st quarter valued at $3,513,000. Vanguard Group Inc. lifted its holdings in shares of Omega Flex by 1.5% during the first quarter. Vanguard Group Inc. now owns 161,884 shares of the industrial products company’s stock worth $11,482,000 after buying an additional 2,411 shares during the last quarter. Sei Investments Co. grew 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 acquiring an additional 348 shares during the last quarter. Virtu Financial LLC bought a new position in Omega Flex during the fourth quarter worth $280,000. Finally, Cim LLC acquired a new position in Omega Flex during the 4th quarter valued at $296,000. Institutional investors and hedge funds own 36.06% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Omega Flex from a “hold” rating to a “buy” rating in a research report on Friday, August 9th.

Omega Flex Stock Up 1.4 %

Shares of OFLX opened at $50.95 on Tuesday. The stock’s 50-day moving average price is $48.73 and its 200 day moving average price is $58.89. The firm has a market capitalization of $514.09 million, a price-to-earnings ratio of 26.82 and a beta of 0.40. Omega Flex, Inc. has a 12-month low of $43.86 and a 12-month high of $87.86.

Omega Flex (NASDAQ:OFLX) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $0.45 EPS for the quarter. The firm had revenue of $24.62 million during the quarter. Omega Flex had a return on equity of 24.24% and a net margin of 18.18%.

Omega Flex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Thursday, September 26th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.36 dividend on an annualized basis and a yield of 2.67%. Omega Flex’s payout ratio is currently 71.58%.

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.