Omega Flex, Inc. (NASDAQ:OFLX) Sees Large Decline in Short Interest

Omega Flex, Inc. (NASDAQ:OFLX) was the target of a large decline in short interest in February. As of February 13th, there was short interest totaling 80,574 shares, a decline of 25.8% from the January 29th total of 108,519 shares. Currently, 2.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 46,728 shares, the days-to-cover ratio is currently 1.7 days. Based on an average daily trading volume, of 46,728 shares, the days-to-cover ratio is currently 1.7 days. Currently, 2.3% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, Director Stephen M. Shea bought 2,350 shares of the stock in a transaction dated Friday, December 5th. The shares were acquired at an average price of $28.47 per share, with a total value of $66,904.50. Following the acquisition, the director owned 3,750 shares in the company, valued at $106,762.50. This trade represents a 167.86% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders acquired 4,134 shares of company stock valued at $118,486 in the last quarter. Corporate insiders own 65.20% of the company’s stock.

Institutional Investors Weigh In On Omega Flex

A number of institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. grew its position in shares of Omega Flex by 65.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company’s stock worth $33,000 after buying an additional 442 shares during the period. CANADA LIFE ASSURANCE Co bought a new position in Omega Flex during the fourth quarter worth $32,000. Comerica Bank grew its holdings in Omega Flex by 313.1% in the fourth quarter. Comerica Bank now owns 1,231 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 933 shares during the period. Cardinal Capital Management increased its stake in Omega Flex by 2.2% in the fourth quarter. Cardinal Capital Management now owns 42,716 shares of the industrial products company’s stock valued at $1,272,000 after purchasing an additional 914 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Omega Flex by 15.5% during the third quarter. JPMorgan Chase & Co. now owns 21,130 shares of the industrial products company’s stock valued at $659,000 after purchasing an additional 2,841 shares during the period. 36.06% of the stock is owned by institutional investors.

Omega Flex Trading Up 3.8%

NASDAQ OFLX traded up $1.38 on Monday, hitting $37.31. 110,260 shares of the company’s stock were exchanged, compared to its average volume of 38,665. Omega Flex has a 52 week low of $25.58 and a 52 week high of $42.08. The stock has a 50-day moving average of $33.51 and a 200-day moving average of $31.54. The stock has a market cap of $376.46 million, a price-to-earnings ratio of 23.47 and a beta of 0.42.

Omega Flex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Friday, December 19th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Friday, December 19th. Omega Flex’s payout ratio is presently 85.53%.

Analyst Upgrades and Downgrades

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

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.