Stephen Shea, a director at Omega Flex, Inc., has purchased 1,400 shares of the company’s stock in a transaction that took place on December 4, 2023. The shares were acquired at an average price of $28.44 each, resulting in a total investment of $39,816. Following this acquisition, Shea’s total ownership of Omega Flex stock now stands at 1,400 shares, valued at approximately the same amount.
The details of this transaction were disclosed in a filing with the Securities and Exchange Commission (SEC), which is available for public review. This move marks a significant increase in Shea’s stake in the company, highlighting his confidence in Omega Flex’s future performance.
Current Trading Performance of Omega Flex
On the trading front, shares of Omega Flex, listed under NASDAQ: OFLX, experienced a decline of $0.47 on Monday, bringing the stock price down to $27.30. The trading volume reached 23,382 shares, which is below the average volume of 30,807 shares. Currently, Omega Flex has a market capitalization of $275.57 million, a price-to-earnings ratio of 17.17, and a beta of 0.40.
The company has seen a fifty-day simple moving average of $28.29 and a two-hundred-day simple moving average of $31.74. Over the past year, the stock has fluctuated between 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 per share of $0.37, with revenues amounting to $24.23 million. The company also achieved a return on equity of 19.24% and a net profit margin of 16.08%.
Institutional Investment Activity
Recent trading activity has also seen several institutional investors adjusting their positions in Omega Flex. CWM LLC increased its stake by 51.8% during the second quarter, now holding 1,857 shares valued at $60,000 after purchasing an additional 634 shares.
Similarly, PNC Financial Services Group Inc. raised its holdings by 95.9% in the first quarter, totaling 1,787 shares valued at $62,000 following an acquisition of 875 additional shares.
Other notable changes include BNP Paribas Financial Markets, which increased its stake by 25.7%, now owning 4,679 shares valued at $146,000. US Bancorp DE also boosted its holdings by 19.8%, bringing its total to 4,923 shares worth $154,000. Hedge funds and institutional investors collectively hold 36.06% of Omega Flex’s stock.
Analyst evaluations have reflected a cautious sentiment towards the stock. Weiss Ratings reaffirmed a “sell” rating on December 1, 2023, contributing to a consensus rating of “sell” for Omega Flex, according to MarketBeat.com.
Omega Flex, Inc. specializes in manufacturing and selling flexible metal hoses and related accessories, serving various sectors in North America and internationally. Its product range includes flexible gas piping for residential and commercial use, fittings, containment piping, and medical tubing for healthcare facilities.
As investors and analysts continue to monitor Omega Flex’s performance, the company’s operational strategies and market conditions will likely influence future trading dynamics.
