Omega Flex, Inc. (NASDAQ:OFLX) Short Interest Up 36.1% in January

Omega Flex, Inc. (NASDAQ:OFLX) was the target of a significant growth in short interest during the month of January. As of January 15th, there was short interest totaling 100,786 shares, a growth of 36.1% from the December 31st total of 74,041 shares. Based on an average daily volume of 33,629 shares, the days-to-cover ratio is currently 3.0 days. Approximately 2.9% of the company’s stock are short sold. Approximately 2.9% of the company’s stock are short sold. Based on an average daily volume of 33,629 shares, the days-to-cover ratio is currently 3.0 days.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Omega Flex in a research note on Monday, December 29th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

Omega Flex Price Performance

Shares of OFLX opened at $35.53 on Tuesday. The company’s fifty day moving average price is $30.33 and its 200-day moving average price is $31.04. Omega Flex has a 1-year low of $25.58 and a 1-year high of $42.08. The firm has a market capitalization of $358.50 million, a PE ratio of 22.35 and a beta of 0.43.

Omega Flex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Friday, December 19th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Friday, December 19th. Omega Flex’s dividend payout ratio (DPR) is presently 85.53%.

Insider Activity

In other Omega Flex news, Director Stephen M. Shea purchased 2,350 shares of Omega Flex stock in a transaction dated Friday, December 5th. The shares were acquired at an average cost of $28.47 per share, with a total value of $66,904.50. Following the completion of the transaction, the director owned 3,750 shares in the company, valued at approximately $106,762.50. This trade represents a 167.86% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders acquired 4,134 shares of company stock worth $118,486 over the last 90 days. Corporate insiders own 65.20% of the company’s stock.

Institutional Investors Weigh In On Omega Flex

Large investors have recently bought and sold shares of the company. Cardinal Capital Management increased its holdings in Omega Flex by 2.2% in the 4th quarter. Cardinal Capital Management now owns 42,716 shares of the industrial products company’s stock worth $1,272,000 after buying an additional 914 shares during the period. Comerica Bank increased its stake in shares of 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 acquiring an additional 933 shares during the period. Exchange Traded Concepts LLC raised its holdings in shares of Omega Flex by 8.2% during the fourth quarter. Exchange Traded Concepts LLC now owns 8,838 shares of the industrial products company’s stock worth $260,000 after purchasing an additional 673 shares during the last quarter. 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 worth $659,000 after purchasing an additional 2,841 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in Omega Flex by 10.7% during the third quarter. Qube Research & Technologies Ltd now owns 34,164 shares of the industrial products company’s stock valued at $1,065,000 after purchasing an additional 3,311 shares during the period. Hedge funds and other institutional investors own 36.06% of the company’s stock.

Omega Flex Company Profile

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.