Omega Flex, Inc. (OFLX) will raise its quarterly dividend by 7.1 percent to 30 cents per share in 2021. 

The next dividend is payable on July 6, 2021 to shareholders of record on June 22, 2021. The new regular annual rate of $1.20 per share yields 0.9% at a stock price of $136. 

Kevin R. Hoben, the Company’s chairman, stated that: “Due to the continued growth of Omega Flex, Inc., an increase in the regular quarterly dividend is appropriate. As the Company emerges from this challenging time for the country and the economy, this increase is the best indication of our belief in the Company’s ability to weather this storm.” In determining the amount of future regular quarterly dividends, the Board will review the cash needs of the Company, and based on results of operations, financial condition, capital expenditure plans, and consideration of possible acquisitions, as well as such other factors as the Board of Directors may consider relevant, determine on a quarterly basis the amount of a regular quarterly dividend.

OmegaFlex is a producer of flexible metallic piping products. The company supplies proprietary products for a broad number of applications and markets, which include primary steel production, semi-conductor, medical, pharmaceutical, petrochemical, residential and commercial construction, and power generation. OFLX distributes its TracPipe and TracPipe CounterStrike flexible gas piping and fittings under the AutoSnap and AutoFlare brand names. OmegaFlex was established in 1975 and has paid a regular quarterly dividend since 2017.