multiplexing 16 sensors
It says in the blurb of the device: Output enable (OE) places the output in the high-impedance state for multiple-unit sharing of a microcontroller input line. I can't say if "reading" a frequency is a good idea because you haven't provided enough info. Watch different logic levels in case the device needs/uses 5V and you are needing a 3V3 input. Also watch the time it takes to enable one device after disabling the previous.