Omega Flex (NASDAQ:OFLX) Releases Earnings Results

Omega Flex (NASDAQ:OFLX) issued its earnings results on Wednesday. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, Zacks reports. Omega Flex had a net margin of 15.08% and a return on equity of 17.70%. The business had revenue of $25.21 million for the quarter.

Omega Flex Trading Down 16.8%

Omega Flex stock opened at $30.71 on Friday. The firm has a market capitalization of $309.86 million, a price-to-earnings ratio of 20.89 and a beta of 0.42. The firm’s fifty day moving average price is $33.86 and its two-hundred day moving average price is $31.60. Omega Flex has a 1-year low of $25.58 and a 1-year high of $42.08.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Omega Flex in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of “Sell”.

Hedge Funds Weigh In On Omega Flex

Large investors have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. raised its stake in shares of Omega Flex by 47.1% in the second 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 during the last quarter. Corsair Capital Management L.P. purchased a new position in shares of Omega Flex during the fourth quarter valued at approximately $590,000. Trexquant Investment LP bought a new stake in Omega Flex during the fourth quarter worth $561,000. Quantinno Capital Management LP purchased a new stake in Omega Flex in the 2nd quarter valued at $521,000. Finally, Marshall Wace LLP raised its position in Omega Flex by 33.4% in the 4th quarter. Marshall Wace LLP now owns 53,106 shares of the industrial products company’s stock valued at $1,563,000 after buying an additional 13,289 shares during the last quarter. Institutional investors own 36.06% of the company’s stock.

About Omega Flex

Omega Flex, Inc designs, manufactures and distributes flexible metal tubing and related products that enable the safe and efficient conveyance of natural gas and other hydrocarbon fuels. The company’s engineered solutions offer leak-resistant connections and installation flexibility, serving original equipment manufacturers, distributors and end-users across residential, commercial and industrial markets.

Its product portfolio includes corrugated stainless steel tubing (CSST), stainless steel hose assemblies, mechanical connectors, fittings, leak detection equipment and specialized installation tools.