BidaskClub downgraded shares of Omega Flex (NASDAQ:OFLX) from a strong-buy rating to a buy rating in a research report sent to investors on Friday morning.

OFLX stock traded down $3.22 during midday trading on Friday, reaching $73.04. The company’s stock had a trading volume of 19,135 shares, compared to its average volume of 17,910. Omega Flex has a 1 year low of $51.02 and a 1 year high of $95.00. The firm has a market cap of $736.97 million, a price-to-earnings ratio of 38.32 and a beta of 1.08.

Omega Flex (NASDAQ:OFLX) last released its earnings results on Thursday, February 7th. The industrial products company reported $0.60 earnings per share for the quarter. Omega Flex had a return on equity of 32.25% and a net margin of 18.59%. The business had revenue of $28.87 million for the quarter.

Several institutional investors and hedge funds have recently bought and sold shares of OFLX. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of Omega Flex by 5.1% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,377,233 shares of the industrial products company’s stock worth $74,467,000 after buying an additional 67,233 shares in the last quarter. Ranger Investment Management L.P. grew its position in shares of Omega Flex by 56.3% during the 4th quarter. Ranger Investment Management L.P. now owns 79,545 shares of the industrial products company’s stock worth $4,301,000 after buying an additional 28,655 shares in the last quarter. BlackRock Inc. grew its position in shares of Omega Flex by 4.7% during the 4th quarter. BlackRock Inc. now owns 171,951 shares of the industrial products company’s stock worth $9,297,000 after buying an additional 7,762 shares in the last quarter. Millennium Management LLC bought a new position in shares of Omega Flex during the 4th quarter worth $341,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Omega Flex by 2.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 294,050 shares of the industrial products company’s stock worth $20,924,000 after buying an additional 6,252 shares in the last quarter. 27.04% of the stock is currently owned by institutional investors and hedge funds.

About Omega Flex

Omega Flex, Inc, together with its subsidiaries, manufactures and sells flexible metal hoses and accessories in the United States and internationally. It offers flexible gas piping for use in residential and commercial buildings, as well as its fittings; and corrugated medical tubing for use in hospitals, ambulatory care centers, dental, physician and veterinary clinics, laboratories, and other facilities.

Further Reading: Percentage Gainers

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