State Street Corp Increases Stock Position in Omega Flex, Inc. (NASDAQ:OFLX)

State Street Corp boosted its position in Omega Flex, Inc. (NASDAQ:OFLX) by 3.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 74,196 shares of the industrial products company’s stock after acquiring an additional 2,433 shares during the period. State Street Corp’s holdings in Omega Flex were worth $3,729,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Creative Planning purchased a new position in Omega Flex during the 3rd quarter valued at about $566,000. Renaissance Technologies LLC increased its stake in shares of Omega Flex by 44.0% during the second quarter. Renaissance Technologies LLC now owns 37,695 shares of the industrial products company’s stock valued at $1,933,000 after buying an additional 11,515 shares during the period. Inspire Investing LLC bought a new position in shares of Omega Flex during the third quarter valued at approximately $864,000. Benjamin F. Edwards & Company Inc. increased its position in Omega Flex by 196.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,236 shares of the industrial products company’s stock valued at $63,000 after purchasing an additional 819 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new position in Omega Flex in the 2nd quarter worth $278,000. Hedge funds and other institutional investors own 36.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Omega Flex from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th.

Omega Flex Price Performance

Shares of NASDAQ OFLX opened at $42.25 on Tuesday. The firm has a 50-day moving average of $48.54 and a 200 day moving average of $49.29. Omega Flex, Inc. has a 1 year low of $40.38 and a 1 year high of $76.50. The stock has a market cap of $426.30 million, a P/E ratio of 23.34 and a beta of 0.37.

Omega Flex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Thursday, December 19th will be issued a dividend of $0.34 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.36 annualized dividend and a dividend yield of 3.22%. Omega Flex’s payout ratio is presently 75.14%.

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.