Omega Flex (NASDAQ:OFLX) Announces Earnings Results

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

Omega Flex Price Performance

OFLX traded down $0.14 during trading on Thursday, reaching $28.23. 37,580 shares of the company’s stock were exchanged, compared to its average volume of 44,385. Omega Flex has a 1 year low of $25.58 and a 1 year high of $42.08. The stock has a market capitalization of $284.84 million, a P/E ratio of 19.20 and a beta of 0.42. The company’s fifty day simple moving average is $33.84 and its 200-day simple moving average is $31.45.

Institutional Trading of Omega Flex

Hedge funds and other institutional investors have recently made changes to their positions in the business. CANADA LIFE ASSURANCE Co purchased a new position in shares of Omega Flex during the fourth quarter worth $32,000. Russell Investments Group Ltd. boosted its holdings in Omega Flex by 65.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 442 shares during the last quarter. Comerica Bank grew its position in Omega Flex by 313.1% during the 4th 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. CWM LLC grew its position in Omega Flex by 129.5% during the 3rd quarter. CWM LLC now owns 4,262 shares of the industrial products company’s stock worth $133,000 after purchasing an additional 2,405 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of Omega Flex by 26.0% during the 4th quarter. Royal Bank of Canada now owns 4,789 shares of the industrial products company’s stock valued at $141,000 after buying an additional 988 shares during the last quarter. Institutional investors and hedge funds own 36.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Omega Flex in a report on Monday, December 29th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus 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.