Omega Flex, Inc. (NASDAQ:OFLX) Increases Dividend to $0.32 Per Share

Omega Flex, Inc. (NASDAQ:OFLXGet Rating) announced a quarterly dividend on Friday, June 10th, Zacks reports. Stockholders of record on Friday, June 24th will be given a dividend of 0.32 per share by the industrial products company on Tuesday, July 5th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend is Thursday, June 23rd. This is an increase from Omega Flex’s previous quarterly dividend of $0.30.

Omega Flex has increased its dividend payment by an average of 7.9% annually over the last three years and has raised its dividend every year for the last 2 years.

OFLX stock opened at $118.06 on Tuesday. Omega Flex has a 52 week low of $97.16 and a 52 week high of $163.27. The business has a fifty day simple moving average of $111.75 and a 200-day simple moving average of $126.48.

Omega Flex (NASDAQ:OFLXGet Rating) last announced its earnings results on Thursday, April 21st. The industrial products company reported $0.54 earnings per share for the quarter. The company had revenue of $31.29 million during the quarter. Omega Flex had a return on equity of 43.67% and a net margin of 19.46%.

Hedge funds have recently modified their holdings of the company. Morgan Stanley lifted its position in shares of Omega Flex by 23.0% during the second quarter. Morgan Stanley now owns 10,046 shares of the industrial products company’s stock worth $1,475,000 after purchasing an additional 1,880 shares during the last quarter. Swiss National Bank lifted its holdings in Omega Flex by 7.5% in the first quarter. Swiss National Bank now owns 7,200 shares of the industrial products company’s stock worth $935,000 after acquiring an additional 500 shares during the last quarter. US Bancorp DE lifted its holdings in Omega Flex by 219.9% in the first quarter. US Bancorp DE now owns 4,511 shares of the industrial products company’s stock worth $585,000 after acquiring an additional 3,101 shares during the last quarter. Barclays PLC lifted its holdings in Omega Flex by 192.6% in the fourth quarter. Barclays PLC now owns 3,766 shares of the industrial products company’s stock worth $479,000 after acquiring an additional 2,479 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Omega Flex by 117.8% in the fourth quarter. Bank of America Corp DE now owns 3,418 shares of the industrial products company’s stock worth $434,000 after acquiring an additional 1,849 shares during the last quarter.

Several brokerages have recently weighed in on OFLX. StockNews.com began coverage on Omega Flex in a research note on Thursday, March 31st. They set a “hold” rating for the company. TheStreet downgraded Omega Flex from a “b” rating to a “c+” rating in a research note on Thursday, April 21st.

About Omega Flex (Get Rating)

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, as well as its fittings; and corrugated medical tubing for use in hospitals, ambulatory care centers, dental, physician and veterinary clinics, laboratories, and other facilities.

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Dividend History for Omega Flex (NASDAQ:OFLX)

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