EXTON, Pa. - Omega Flex (NASDAQ:FLEX), Inc. (NASDAQ: OFLX) today announced a regular quarterly dividend of $0.34 per share, which will be payable on October 8, 2024, to shareholders of record as of September 26, 2024. The company's Board of Directors stated that future dividend amounts will be considered on a quarterly basis and will depend on various factors, including the company's operational results, financial status, capital expenditure plans, and potential acquisitions.
The Board of Directors will regularly review the company's cash requirements to determine the quarterly dividend amount. These considerations will take into account Omega Flex's performance, financial health, and strategic plans, as well as other relevant factors.
In the press release, Omega Flex included forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements do not represent historical facts but are projections about the company's future results and events based on current expectations. Words such as "believes," "expects," "intends," "plans," "anticipates," "hopes," "likely," and "will" were used to identify these forward-looking statements.
However, the company acknowledges that these projections are subject to various uncertainties that are difficult to predict and may be beyond Omega Flex's control. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. The company cautions readers not to place undue reliance on these statements, which only reflect the management's views as of the date of the press release.
Omega Flex has also stated that it does not intend to update these forward-looking statements publicly or revise them to reflect new information, future events, or otherwise, except as required by law.
This news is based on a press release statement and provides shareholders and the market with the latest dividend information for Omega Flex, Inc.
InvestingPro Insights
As Omega Flex, Inc. (NASDAQ: OFLX) commits to its dividend strategy, shareholders may find encouragement in the company's financial resilience and rewarding history. An InvestingPro Tip highlights that Omega Flex has not only maintained dividend payments for 13 consecutive years but has also raised its dividend for 3 consecutive years, showcasing a commitment to returning value to its shareholders.
Looking at the real-time data from InvestingPro, Omega Flex's market capitalization stands at $486.85 million, with a Price/Earnings (P/E) ratio of 25.39, which adjusts to 25.6 for the last twelve months as of Q2 2024. These figures suggest a company with a solid valuation in the market. Additionally, the company's gross profit margin for the same period is an impressive 60.92%, indicating efficient operations and strong pricing power.
However, the stock's recent performance indicates some volatility, with a 3-month price total return of -18.64% and a 6-month price total return of -30.99%, reflecting a significant price drop over these periods. This could be a point of consideration for investors looking at the current stock price in relation to its 52-week high, which is now at 55.37% of its peak value.
For those interested in further insights and metrics, InvestingPro offers additional tips and data on Omega Flex, Inc., which can be found at https://www.investing.com/pro/OFLX. Currently, there are nine more InvestingPro Tips available for Omega Flex, providing a more comprehensive understanding of the company's financial health and market position.
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