Russell Investments Group Ltd. Lowers Stock Position in Omega Flex, Inc. (NASDAQ:OFLX)

Russell Investments Group Ltd. cut its position in shares of Omega Flex, Inc. (NASDAQ:OFLX – Get Rating) by 10.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,036 shares of the industrial products company’s stock after selling 2,333 shares during the period. Russell Investments Group Ltd. owned 0.20% of Omega Flex worth $1,870,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in OFLX. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Omega Flex by 8.1% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,169,671 shares of the industrial products company’s stock valued at $108,335,000 after buying an additional 87,641 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in shares of Omega Flex by 1.1% in the third quarter. Neuberger Berman Group LLC now owns 470,126 shares of the industrial products company’s stock valued at $43,543,000 after purchasing an additional 4,936 shares during the period. Vanguard Group Inc. boosted its stake in shares of Omega Flex by 0.3% in the third quarter. Vanguard Group Inc. now owns 152,612 shares of the industrial products company’s stock valued at $14,135,000 after purchasing an additional 423 shares during the period. State Street Corp boosted its stake in shares of Omega Flex by 5.0% in the third quarter. State Street Corp now owns 64,671 shares of the industrial products company’s stock valued at $5,990,000 after purchasing an additional 3,083 shares during the period. Finally, Northern Trust Corp grew its holdings in Omega Flex by 10.1% during the 2nd quarter. Northern Trust Corp now owns 35,916 shares of the industrial products company’s stock worth $3,865,000 after acquiring an additional 3,281 shares in the last quarter. 38.09% of the stock is owned by hedge funds and other institutional investors.

Omega Flex Trading Up 2.6 %

Shares of Omega Flex stock opened at $106.38 on Tuesday. The company has a fifty day simple moving average of $108.40 and a 200-day simple moving average of $104.64. Omega Flex, Inc. has a 12-month low of $77.28 and a 12-month high of $128.51. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 44.89 and a beta of 0.55.

Omega Flex (NASDAQ:OFLX – Get Rating) last released its quarterly earnings results on Wednesday, February 22nd. The industrial products company reported $0.61 EPS for the quarter. Omega Flex had a net margin of 19.26% and a return on equity of 34.42%. The firm had revenue of $30.82 million during the quarter.

Omega Flex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 24th. Stockholders of record on Monday, April 10th were issued a $0.32 dividend. The ex-dividend date was Thursday, April 6th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.20%. Omega Flex’s dividend payout ratio is presently 54.01%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Omega Flex from a “hold” rating to a “buy” rating in a report on Saturday.

Omega Flex Profile

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Omega Flex, Inc engages in the manufacture and sale of flexible metal hose and accessories. It offers products to numerous industries, such as steel production, fuel-handling, semiconductor, medical, pharmaceutical, petrochemical, residential and commercial construction, and power generation. Its products include TracPipe CounterStrike, DoubleTrac, Def-Trac, industrial, and Meditrac.