Omega Flex (NASDAQ:OFLX) Sets New 1-Year Low at $49.93

Omega Flex, Inc. (NASDAQ:OFLX)’s share price reached a new 52-week low during trading on Thursday . The company traded as low as $49.93 and last traded at $50.13, with a volume of 3946 shares traded. The stock had previously closed at $50.00.

Omega Flex Price Performance

The stock has a market cap of $517.42 million, a price-to-earnings ratio of 26.99 and a beta of 0.36. The business’s fifty day simple moving average is $62.02 and its 200 day simple moving average is $68.57.

Omega Flex (NASDAQ:OFLX) last announced its quarterly earnings results on Wednesday, May 1st. The industrial products company reported $0.42 earnings per share (EPS) for the quarter. Omega Flex had a net margin of 18.03% and a return on equity of 24.76%. The company had revenue of $25.22 million during the quarter.

Omega Flex Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Wednesday, June 26th will be issued a dividend of $0.34 per share. This is an increase from Omega Flex’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, June 26th. This represents a $1.36 annualized dividend and a dividend yield of 2.65%. Omega Flex’s payout ratio is 71.58%.

Hedge Funds Weigh In On Omega Flex

Several hedge funds and other institutional investors have recently modified their holdings of OFLX. Norden Group LLC acquired a new stake in Omega Flex in the 1st quarter valued at about $3,513,000. Cim LLC purchased a new stake in Omega Flex during the fourth quarter valued at about $296,000. Virtu Financial LLC purchased a new stake in Omega Flex during the fourth quarter valued at about $280,000. Vanguard Group Inc. lifted its stake in Omega Flex by 1.5% during the first quarter. Vanguard Group Inc. now owns 161,884 shares of the industrial products company’s stock valued at $11,482,000 after buying an additional 2,411 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new stake in Omega Flex during the first quarter valued at about $128,000. Institutional investors and hedge funds 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.