Omega Flex (NASDAQ:OFLX) Sees Strong Trading Volume

Shares of Omega Flex, Inc. (NASDAQ:OFLX) saw strong trading volume on Tuesday . 10,427 shares changed 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.

Analysts Set New Price Targets

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

Omega Flex Stock Performance

The company has a market capitalization of $520.24 million, a P/E ratio of 26.82 and a beta of 0.40. The stock’s fifty day moving average price is $48.73 and its 200-day moving average price is $58.89.

Omega Flex (NASDAQ:OFLX) last released its quarterly earnings data 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 firm had revenue of $24.62 million for the quarter.

Omega Flex Announces Dividend

The business 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 dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Thursday, September 26th. Omega Flex’s payout ratio is 71.58%.

Institutional Investors Weigh In On Omega Flex

Several hedge funds have recently bought and sold shares of OFLX. Benjamin F. Edwards & Company Inc. bought a new position in Omega Flex during the 1st quarter worth $30,000. SYSTM Wealth Solutions LLC acquired a new position in Omega Flex during the first quarter valued at approximately $124,000. State Board of Administration of Florida Retirement System bought a new stake in Omega Flex during the first quarter worth $128,000. EntryPoint Capital LLC boosted its holdings in shares of Omega Flex by 577.5% in the 1st quarter. EntryPoint Capital LLC now owns 1,836 shares of the industrial products company’s stock valued at $130,000 after purchasing an additional 1,565 shares in the last quarter. Finally, Norden Group LLC bought a new position in shares of Omega Flex in the 1st quarter valued at $249,000. 36.06% of the stock is currently owned by institutional investors and hedge funds.

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.