Omega Flex (NASDAQ:OFLX) Share Price Passes Below 200 Day Moving Average – What’s Next?

Omega Flex, Inc. (NASDAQ:OFLX)’s stock price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $31.81 and traded as low as $29.34. Omega Flex shares last traded at $29.55, with a volume of 22,760 shares traded.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded Omega Flex from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. One analyst has rated the stock with a Sell rating, According to MarketBeat, Omega Flex currently has a consensus rating of “Sell”.

Omega Flex Stock Up 0.3%

The company’s fifty day moving average price is $30.26 and its 200-day moving average price is $31.81. The stock has a market capitalization of $298.16 million, a PE ratio of 22.22 and a beta of 0.46.

Omega Flex (NASDAQ:OFLX) last posted its quarterly earnings results on Friday, May 1st. The industrial products company reported $0.21 earnings per share for the quarter. Omega Flex had a return on equity of 15.94% and a net margin of 13.60%.The company had revenue of $23.09 million for the quarter.

Omega Flex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Tuesday, June 23rd. Omega Flex’s payout ratio is 102.26%.

Institutional Investors Weigh In On Omega Flex

A number of institutional investors have recently modified their holdings of OFLX. Vanguard Group Inc. raised its position in shares of Omega Flex by 5.2% in the 3rd quarter. Vanguard Group Inc. now owns 177,754 shares of the industrial products company’s stock worth $5,543,000 after purchasing an additional 8,715 shares during the last quarter. Ameriprise Financial Inc. grew its position in Omega Flex by 47.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company’s stock valued at $4,813,000 after purchasing an additional 47,582 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Omega Flex by 12.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 68,668 shares of the industrial products company’s stock valued at $2,022,000 after purchasing an additional 7,502 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Omega Flex by 8.2% during the 1st quarter. Bank of New York Mellon Corp now owns 53,321 shares of the industrial products company’s stock valued at $1,655,000 after purchasing an additional 4,055 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Omega Flex by 33.4% in the fourth quarter. Marshall Wace LLP now owns 53,106 shares of the industrial products company’s stock worth $1,563,000 after buying an additional 13,289 shares during the last quarter. 36.06% of the stock is owned by hedge funds and other institutional investors.

About Omega Flex

Omega Flex, Inc designs, manufactures and distributes flexible metal tubing and related products that enable the safe and efficient conveyance of natural gas and other hydrocarbon fuels. The company’s engineered solutions offer leak-resistant connections and installation flexibility, serving original equipment manufacturers, distributors and end-users across residential, commercial and industrial markets.

Its product portfolio includes corrugated stainless steel tubing (CSST), stainless steel hose assemblies, mechanical connectors, fittings, leak detection equipment and specialized installation tools.