Omega Flex (NASDAQ:OFLX) Announces Quarterly Earnings Results

Omega Flex (NASDAQ: OFLX) reported quarterly earnings of $0.37 EPS, with a net margin of 16.91% and return on equity of 20.48%. The stock traded down to $27.92, with a market cap of $281.71 million. A quarterly dividend of $0.34 per share was paid on October 8th. Analysts have a consensus "Sell" rating on the stock, with Weiss Ratings issuing a "sell (d+)" rating. Institutional investors have increased their positions in the company, which manufactures flexible metal hoses and accessories.

Omega Flex (NASDAQ:OFLX - Get Free Report) announced its quarterly earnings data on Wednesday. The industrial products company reported $0.37 earnings per share (EPS) for the quarter, Zacks reports. Omega Flex had a net margin of 16.91% and a return on equity of 20.48%.

Omega Flex Price Performance

Shares of NASDAQ OFLX traded down $0.63 during trading on Wednesday, hitting $27.92. 27,840 shares of the company were exchanged, compared to its average volume of 30,111. The company has a market cap of $281.71 million, a price-to-earnings ratio of 16.62 and a beta of 0.35. Omega Flex has a 1 year low of $27.70 and a 1 year high of $57.81. The firm's fifty day moving average price is $32.31 and its 200 day moving average price is $32.56.

Omega Flex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 8th. Shareholders of record on Thursday, September 25th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 4.9%. The ex-dividend date was Thursday, September 25th. Omega Flex's payout ratio is presently 80.95%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "sell (d+)" rating on shares of Omega Flex in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Omega Flex currently has a consensus rating of "Sell".

View Our Latest Stock Report on OFLX

Institutional Investors Weigh In On Omega Flex

Several institutional investors have recently made changes to their positions in OFLX. Ameriprise Financial Inc. boosted its position in shares of Omega Flex by 47.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company's stock worth $4,813,000 after purchasing an additional 47,582 shares in the last quarter. Quantinno Capital Management LP purchased a new stake in shares of Omega Flex in the 2nd quarter worth about $521,000. Goldman Sachs Group Inc. boosted its position in shares of Omega Flex by 28.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 58,834 shares of the industrial products company's stock worth $2,046,000 after buying an additional 12,928 shares in the last quarter. Qube Research & Technologies Ltd boosted its position in shares of Omega Flex by 67.2% in the 2nd quarter. Qube Research & Technologies Ltd now owns 30,853 shares of the industrial products company's stock worth $999,000 after buying an additional 12,399 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of Omega Flex in the 1st quarter worth about $292,000. 36.06% of the stock is currently owned by hedge funds and other institutional investors.

About Omega Flex

(Get Free Report)

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.

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