Omega Flex (NASDAQ:OFLX) Sees Strong Trading Volume

Shares of Omega Flex, Inc. (NASDAQ:OFLX) saw unusually-strong trading volume on Wednesday . Approximately 46,378 shares changed hands during mid-day 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 Price Performance

The business’s 50 day moving average price is $62.33 and its 200 day moving average price is $68.78. The stock has a market capitalization of $520.44 million, a P/E ratio of 26.51 and a beta of 0.36.

Omega Flex (NASDAQ:OFLX) last posted its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $0.42 earnings per share (EPS) for the quarter. The company had revenue of $25.22 million for 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 disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Wednesday, June 26th will be issued a $0.34 dividend. This is an increase from Omega Flex’s previous quarterly dividend of $0.33. The ex-dividend date is Wednesday, June 26th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.64%. Omega Flex’s dividend payout ratio (DPR) is presently 71.58%.

Hedge Funds Weigh In On Omega Flex

Institutional investors and hedge funds have recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Omega Flex in the first quarter worth approximately $30,000. FNY Investment Advisers LLC purchased a new stake in shares of Omega Flex in the fourth quarter worth $37,000. SYSTM Wealth Solutions LLC purchased a new position in shares of Omega Flex during the 1st quarter valued at $124,000. State Board of Administration of Florida Retirement System purchased a new position in shares of Omega Flex during the 1st quarter valued at $128,000. Finally, EntryPoint Capital LLC boosted its holdings in Omega Flex by 577.5% in the 1st quarter. EntryPoint Capital LLC now owns 1,836 shares of the industrial products company’s stock worth $130,000 after buying an additional 1,565 shares during the period. Hedge funds and other institutional investors own 36.06% of the company’s stock.

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.