Stephen Shea, a director at Omega Flex, Inc., purchased 1,400 shares of the company’s stock on December 4, 2023. The shares were acquired at an average price of $28.44 each, resulting in a total investment of approximately $39,816. Following this transaction, Shea now holds a total of 1,400 shares in Omega Flex, valued at the same amount.
The acquisition was officially reported in a filing with the Securities and Exchange Commission (SEC), which is available for public viewing on the SEC’s website.
Current Stock Performance
On December 4, 2023, shares of Omega Flex, traded under the ticker symbol OFLX, experienced a decline of $0.47, bringing the stock price down to $27.30. The trading volume for the day was 23,382 shares, slightly below the average volume of 30,807 shares. With a market capitalization of $275.57 million, the company has a price-to-earnings ratio of 17.17 and a beta value of 0.40. Over the past year, the stock has fluctuated, reaching a low of $25.58 and a high of $48.34.
In its most recent quarterly earnings report, released on October 31, 2023, Omega Flex reported earnings of $0.37 per share and revenue totaling $24.23 million. The company boasted a return on equity of 19.24% and a net profit margin of 16.08%.
Institutional Investment Activity
Several institutional investors have made significant adjustments to their positions in Omega Flex recently. For instance, CWM LLC increased its stake in the company by 51.8% during the second quarter, now holding 1,857 shares valued at $60,000 after acquiring an additional 634 shares.
Meanwhile, PNC Financial Services Group Inc. raised its ownership by 95.9% in the first quarter, owning 1,787 shares now worth $62,000 after purchasing an extra 875 shares. Additionally, BNP Paribas Financial Markets boosted its stake by 25.7%, bringing its total to 4,679 shares valued at $146,000.
Other notable movements include US Bancorp DE, which increased its holdings by 19.8% during the third quarter, and Cubist Systematic Strategies LLC, which acquired a new position in Omega Flex valued at around $159,000. Together, institutional investors control approximately 36.06% of Omega Flex’s total stock.
In contrast, Weiss Ratings recently reiterated a “sell (d)” rating on Omega Flex, reflecting cautious sentiment among analysts. According to MarketBeat.com, the consensus rating for the stock remains a “Sell,” highlighting diverging opinions on its future performance.
Omega Flex, Inc. specializes in manufacturing and selling flexible metal hoses and accessories, serving both North American and international markets. The company provides a range of products, including flexible gas piping for residential and commercial use, fittings, containment piping, and corrugated medical tubing for various healthcare facilities.
As the market continues to evolve, the actions of directors and institutional investors will be closely watched as indicators of future performance for Omega Flex.
