Wells Fargo & Company MN Increases Stake in Omega Flex, Inc. (NASDAQ:OFLX)

Wells Fargo & Company MN lifted its stake in Omega Flex, Inc. (NASDAQ:OFLX - Free Report) by 14.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 75,279 shares of the industrial products company's stock after purchasing an additional 9,311 shares during the period. Wells Fargo & Company MN owned about 0.75% of Omega Flex worth $3,159,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in OFLX. Proficio Capital Partners LLC purchased a new stake in shares of Omega Flex in the 4th quarter worth $690,000. Bank of New York Mellon Corp raised its holdings in shares of Omega Flex by 34.5% in the fourth quarter. Bank of New York Mellon Corp now owns 59,459 shares of the industrial products company's stock valued at $2,495,000 after acquiring an additional 15,242 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Omega Flex by 49.4% in the fourth quarter. JPMorgan Chase & Co. now owns 20,186 shares of the industrial products company's stock worth $847,000 after acquiring an additional 6,674 shares during the period. Norden Group LLC bought a new position in Omega Flex during the 4th quarter worth about $243,000. Finally, Barclays PLC increased its position in Omega Flex by 405.9% during the 3rd quarter. Barclays PLC now owns 6,450 shares of the industrial products company's stock valued at $323,000 after purchasing an additional 5,175 shares during the period. Hedge funds and other institutional investors own 36.06% of the company's stock.

Omega Flex Stock Performance

Omega Flex stock traded down $0.41 during mid-day trading on Friday, reaching $31.04. 11,287 shares of the company were exchanged, compared to its average volume of 25,322. Omega Flex, Inc. has a 12-month low of $28.12 and a 12-month high of $68.50. The business has a fifty day moving average of $34.97 and a 200 day moving average of $41.77. The firm has a market cap of $313.32 million, a P/E ratio of 17.15 and a beta of 0.38.

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

Omega Flex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 22nd. Stockholders of record on Thursday, April 10th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date was Thursday, April 10th. Omega Flex's payout ratio is presently 75.98%.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Omega Flex from a "hold" rating to a "buy" rating in a research report on Tuesday, April 8th.

Omega Flex 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.