Omega Flex (NASDAQ:OFLX) Stock Passes Above Fifty Day Moving Average – What’s Next?

Omega Flex, Inc. (NASDAQ:OFLX)’s share price passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $30.89 and traded as high as $32.19. Omega Flex shares last traded at $30.40, with a volume of 34,596 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Omega Flex from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Omega Flex Stock Up 3.9%

The stock has a market cap of $310.37 million, a price-to-earnings ratio of 23.13 and a beta of 0.47. The business has a 50-day moving average of $30.77 and a 200-day moving average of $31.67.

Omega Flex (NASDAQ:OFLX) last issued its 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Tuesday, June 23rd will be issued a $0.34 dividend. The ex-dividend date is Tuesday, June 23rd. This represents a $1.36 dividend on an annualized basis and a yield of 4.4%. Omega Flex’s dividend payout ratio is currently 102.26%.

Institutional Trading of Omega Flex

A number of institutional investors have recently added to or reduced their stakes in OFLX. CANADA LIFE ASSURANCE Co bought a new stake in shares of Omega Flex during the 4th quarter worth about $32,000. Russell Investments Group Ltd. lifted its holdings in Omega Flex by 65.2% in the 4th quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 442 shares during the last quarter. Comerica Bank boosted its position in Omega Flex by 313.1% during the fourth quarter. Comerica Bank now owns 1,231 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 933 shares during the period. Fifth Third Bancorp bought a new stake in Omega Flex during the first quarter worth approximately $46,000. Finally, Royal Bank of Canada grew its holdings in Omega Flex by 26.0% during the fourth quarter. Royal Bank of Canada now owns 4,789 shares of the industrial products company’s stock valued at $141,000 after purchasing an additional 988 shares during the last quarter. 36.06% of the stock is currently owned by institutional investors and hedge funds.

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.