Punch & Associates Investment Management Inc. Acquires Shares of 60,515 Omega Flex, Inc. $OFLX

Punch & Associates Investment Management Inc. bought a new stake in shares of Omega Flex, Inc. (NASDAQ:OFLX) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 60,515 shares of the industrial products company’s stock, valued at approximately $1,900,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Royal Bank of Canada boosted its holdings in Omega Flex by 36.1% in the first quarter. Royal Bank of Canada now owns 9,843 shares of the industrial products company’s stock valued at $342,000 after purchasing an additional 2,612 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Omega Flex during the 1st quarter worth approximately $159,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Omega Flex in the 1st quarter valued at approximately $292,000. Goldman Sachs Group Inc. raised its position in shares of Omega Flex by 28.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 58,834 shares of the industrial products company’s stock valued at $2,046,000 after purchasing an additional 12,928 shares in the last quarter. Finally, Jane Street Group LLC grew its position in shares of Omega Flex by 119.0% during the first quarter. Jane Street Group LLC now owns 14,080 shares of the industrial products company’s stock worth $490,000 after buying an additional 7,651 shares in the last quarter. 36.06% of the stock is owned by hedge funds and other institutional investors.

Omega Flex Stock Down 0.3%

Shares of NASDAQ OFLX opened at $26.90 on Thursday. The stock’s 50 day moving average price is $29.85 and its two-hundred day moving average price is $31.21. Omega Flex, Inc. has a 52-week low of $25.58 and a 52-week high of $37.92. The stock has a market capitalization of $271.42 million, a P/E ratio of 22.61 and a beta of 0.45.

Omega Flex (NASDAQ:OFLX) last posted its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.27 earnings per share (EPS) for the quarter. Omega Flex had a return on equity of 14.26% and a net margin of 12.27%.The business had revenue of $24.06 million for the quarter.

Omega Flex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend was Tuesday, June 23rd. Omega Flex’s dividend payout ratio is 114.29%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Omega Flex in a research note on Wednesday, July 29th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.

Omega Flex Company Profile

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.