Omega Flex (NASDAQ:OFLX) Sees Large Volume Increase

Omega Flex, Inc. (NASDAQ:OFLX) shares saw strong trading volume on Wednesday . 46,378 shares traded hands during trading, an increase of 178% from the previous session’s volume of 16,710 shares.The stock last traded at $50.50 and had previously closed at $51.41.

Omega Flex Stock Down 2.2 %

The business’s fifty day moving average is $63.00 and its 200 day moving average is $69.04. The firm has a market capitalization of $507.12 million, a price-to-earnings ratio of 26.59 and a beta of 0.36.

Omega Flex (NASDAQ:OFLX) last released its earnings results on Wednesday, May 1st. The industrial products company reported $0.42 earnings per share for the quarter. The business had revenue of $25.22 million during the quarter. Omega Flex had a net margin of 18.03% and a return on equity of 24.76%.

Omega Flex Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Wednesday, June 26th will be given a $0.34 dividend. The ex-dividend date is Wednesday, June 26th. This represents a $1.36 dividend on an annualized basis and a yield of 2.71%. This is an increase from Omega Flex’s previous quarterly dividend of $0.33. Omega Flex’s dividend payout ratio (DPR) is 69.47%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OFLX. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Omega Flex during the 1st quarter worth about $30,000. FNY Investment Advisers LLC acquired a new position in shares of Omega Flex during the 4th quarter worth about $37,000. SYSTM Wealth Solutions LLC acquired a new position in shares of Omega Flex during the 1st quarter worth about $124,000. State Board of Administration of Florida Retirement System acquired a new position in shares of Omega Flex during the 1st quarter worth about $128,000. Finally, EntryPoint Capital LLC increased its stake in shares of Omega Flex by 577.5% during the 1st quarter. EntryPoint Capital LLC now owns 1,836 shares of the industrial products company’s stock worth $130,000 after purchasing an additional 1,565 shares during the last quarter. Institutional investors own 36.06% of the company’s stock.

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.