Omega Flex, Inc. (NASDAQ:OFLX) Short Interest Down 19.7% in August

Omega Flex, Inc. (NASDAQ:OFLX) was the target of a large decrease in short interest during the month of August. As of August 15th, there was short interest totalling 55,600 shares, a decrease of 19.7% from the July 31st total of 69,200 shares. Based on an average daily trading volume, of 38,100 shares, the days-to-cover ratio is presently 1.5 days. Approximately 1.6% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

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

Omega Flex Stock Up 1.5 %

Omega Flex stock traded up $0.70 during midday trading on Friday, reaching $47.20. The stock had a trading volume of 11,984 shares, compared to its average volume of 20,250. The firm has a market capitalization of $476.25 million, a PE ratio of 24.84 and a beta of 0.38. Omega Flex has a 12 month low of $43.86 and a 12 month high of $87.86. The firm’s 50-day moving average price is $49.47 and its 200 day moving average price is $60.91.

Omega Flex (NASDAQ:OFLX) last posted 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 net margin of 18.18% and a return on equity of 24.24%. The company had revenue of $24.62 million for the quarter.

Omega Flex Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Wednesday, June 26th were given a dividend of $0.34 per share. The ex-dividend date was Wednesday, June 26th. This is a boost from Omega Flex’s previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a dividend yield of 2.88%. Omega Flex’s dividend payout ratio is currently 71.58%.

Hedge Funds Weigh In On Omega Flex

Large investors have recently modified their holdings of the company. Norden Group LLC purchased a new stake in Omega Flex in the 1st quarter worth approximately $3,513,000. Marshall Wace LLP increased its holdings in shares of Omega Flex by 207.1% in the second quarter. Marshall Wace LLP now owns 20,759 shares of the industrial products company’s stock worth $1,065,000 after purchasing an additional 13,999 shares during the period. Renaissance Technologies LLC raised its position in shares of Omega Flex by 44.0% in the second quarter. Renaissance Technologies LLC now owns 37,695 shares of the industrial products company’s stock worth $1,933,000 after buying an additional 11,515 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in Omega Flex during the second quarter valued at $278,000. Finally, Los Angeles Capital Management LLC bought a new stake in Omega Flex during the second quarter valued at $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.