Renaissance Technologies LLC Increases Holdings in Omega Flex, Inc. (NASDAQ:OFLX)

Renaissance Technologies LLC increased its stake in shares of Omega Flex, Inc. (NASDAQ:OFLX) by 44.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,695 shares of the industrial products company’s stock after purchasing an additional 11,515 shares during the period. Renaissance Technologies LLC’s holdings in Omega Flex were worth $1,933,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Omega Flex during the 1st quarter worth approximately $30,000. SYSTM Wealth Solutions LLC acquired a new position in shares of Omega Flex during the 1st quarter worth approximately $124,000. State Board of Administration of Florida Retirement System acquired a new position in shares of Omega Flex during the 1st quarter worth approximately $128,000. EntryPoint Capital LLC raised its position in shares of Omega Flex by 577.5% during the 1st quarter. EntryPoint Capital LLC now owns 1,836 shares of the industrial products company’s stock worth $130,000 after purchasing an additional 1,565 shares during the last quarter. Finally, Norden Group LLC acquired a new position in shares of Omega Flex during the 1st quarter worth approximately $249,000. 36.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Omega Flex from a “hold” rating to a “buy” rating in a research report on Friday, August 9th.

Omega Flex Stock Performance

Shares of OFLX opened at $48.99 on Thursday. The stock has a fifty day moving average of $48.44 and a two-hundred day moving average of $57.31. The company has a market capitalization of $494.31 million, a PE ratio of 25.78 and a beta of 0.40. Omega Flex, Inc. has a fifty-two week low of $43.86 and a fifty-two week high of $85.92.

Omega Flex (NASDAQ:OFLX) last issued its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.45 earnings per share for the quarter. The company had revenue of $24.62 million during the quarter. Omega Flex had a return on equity of 24.24% and a net margin of 18.18%.

Omega Flex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Thursday, September 26th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.36 annualized dividend and a yield of 2.78%. Omega Flex’s dividend payout ratio (DPR) is presently 71.58%.

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.