Bank of New York Mellon Corp Buys 15,242 Shares of Omega Flex, Inc. (NASDAQ:OFLX)

Bank of New York Mellon Corp increased its holdings in Omega Flex, Inc. (NASDAQ:OFLX) by 34.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,459 shares of the industrial products company’s stock after purchasing an additional 15,242 shares during the period. Bank of New York Mellon Corp’s holdings in Omega Flex were worth $2,495,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of Omega Flex by 51.2% during the third quarter. JPMorgan Chase & Co. now owns 13,512 shares of the industrial products company’s stock valued at $675,000 after purchasing an additional 4,578 shares during the last quarter. State Street Corp increased its holdings in shares of Omega Flex by 3.4% in the third quarter. State Street Corp now owns 74,196 shares of the industrial products company’s stock worth $3,729,000 after acquiring an additional 2,433 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Omega Flex by 2.7% during the third quarter. Geode Capital Management LLC now owns 89,362 shares of the industrial products company’s stock worth $4,461,000 after acquiring an additional 2,358 shares in the last quarter. Barclays PLC boosted its position in shares of Omega Flex by 405.9% during the third quarter. Barclays PLC now owns 6,450 shares of the industrial products company’s stock worth $323,000 after buying an additional 5,175 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Omega Flex by 3.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 27,952 shares of the industrial products company’s stock worth $1,395,000 after purchasing an additional 932 shares during the last quarter. Institutional investors own 36.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Omega Flex from a “buy” rating to a “hold” rating in a research note on Friday, March 7th.

Omega Flex Stock Performance

Shares of OFLX opened at $37.82 on Friday. The firm has a market cap of $381.76 million, a P/E ratio of 20.90 and a beta of 0.26. Omega Flex, Inc. has a 52 week low of $34.39 and a 52 week high of $75.15. The firm’s 50-day simple moving average is $38.89 and its 200 day simple moving average is $44.91.

Omega Flex (NASDAQ:OFLX) last announced its earnings results on Wednesday, March 5th. The industrial products company reported $0.46 EPS for the quarter. The company had revenue of $26.97 million for the quarter. Omega Flex had a net margin of 17.71% and a return on equity of 22.68%.

About Omega Flex

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.