Omega Flex (NASDAQ:OFLX) Sees Strong Trading Volume

Omega Flex, Inc. (NASDAQ:OFLX) saw an uptick in trading volume on Tuesday . 10,427 shares traded hands during trading, a decline of 52% from the previous session’s volume of 21,509 shares.The stock last traded at $51.41 and had previously closed at $50.95.

Wall Street Analysts Forecast Growth

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

Omega Flex Trading Down 0.7 %

The firm has a 50 day moving average price of $48.83 and a 200 day moving average price of $58.71. The stock has a market capitalization of $513.68 million, a PE ratio of 26.79 and a beta of 0.40.

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

Omega Flex Dividend Announcement

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

Hedge Funds Weigh In On Omega Flex

Hedge funds have recently modified their holdings of the company. Norden Group LLC bought a new stake in shares of Omega Flex during the 1st quarter valued at $3,513,000. Vanguard Group Inc. raised its holdings in Omega Flex by 1.5% during the first quarter. Vanguard Group Inc. now owns 161,884 shares of the industrial products company’s stock valued at $11,482,000 after acquiring an additional 2,411 shares during the period. Sei Investments Co. lifted its position 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 valued at $1,681,000 after acquiring an additional 348 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Omega Flex in the fourth quarter worth about $280,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Omega Flex during the second quarter worth about $271,000. 36.06% of the stock is currently owned by institutional investors.

Omega Flex Company Profile

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.