Omega Flex (NASDAQ:OFLX) Downgraded to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Omega Flex (NASDAQ:OFLX) from a buy rating to a hold rating in a research report report published on Friday morning.

Omega Flex Stock Up 4.3 %

Shares of Omega Flex stock opened at $38.68 on Friday. The company has a market cap of $390.44 million, a price-to-earnings ratio of 21.37 and a beta of 0.26. The company’s 50 day moving average is $39.07 and its 200 day moving average is $45.34. Omega Flex has a twelve month low of $34.39 and a twelve month high of $75.14.

Omega Flex (NASDAQ:OFLX) last issued its quarterly earnings data on Wednesday, March 5th. The industrial products company reported $0.46 earnings per share for the quarter. The company had revenue of $26.97 million for the quarter. Omega Flex had a net margin of 17.71% and a return on equity of 22.68%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its position in Omega Flex by 51.2% during the third quarter. JPMorgan Chase & Co. now owns 13,512 shares of the industrial products company’s stock valued at $675,000 after purchasing an additional 4,578 shares during the period. State Street Corp increased its holdings in Omega Flex by 3.4% during the third quarter. State Street Corp now owns 74,196 shares of the industrial products company’s stock valued at $3,729,000 after buying an additional 2,433 shares during the last quarter. Geode Capital Management LLC increased its holdings in Omega Flex by 2.7% during the third quarter. Geode Capital Management LLC now owns 89,362 shares of the industrial products company’s stock valued at $4,461,000 after buying an additional 2,358 shares during the last quarter. Barclays PLC increased its holdings in Omega Flex by 405.9% during the third quarter. Barclays PLC now owns 6,450 shares of the industrial products company’s stock valued at $323,000 after buying an additional 5,175 shares during the last quarter. Finally, US Bancorp DE increased its holdings in Omega Flex by 38.5% during the third quarter. US Bancorp DE now owns 6,439 shares of the industrial products company’s stock valued at $321,000 after buying an additional 1,789 shares during the last quarter. Institutional investors own 36.06% of the company’s stock.

Omega Flex Company Profile

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