Omega Flex (NASDAQ:OFLX) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Omega Flex (NASDAQ:OFLX) from a hold rating to a buy rating in a research note issued to investors on Wednesday.

Omega Flex Trading Down 3.0 %

Shares of OFLX stock opened at $48.40 on Wednesday. Omega Flex has a 1 year low of $47.56 and a 1 year high of $90.01. The stock has a fifty day moving average of $54.40 and a two-hundred day moving average of $64.34.

Omega Flex (NASDAQ:OFLX) last posted its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $0.42 earnings per share for the quarter. The business had revenue of $25.22 million during the quarter. Omega Flex had a net margin of 18.18% and a return on equity of 24.41%.

Omega Flex Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Wednesday, June 26th were issued a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, June 26th. This is a boost from Omega Flex’s previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a dividend yield of 2.81%. Omega Flex’s dividend payout ratio (DPR) is 71.58%.

Institutional Investors Weigh In On Omega Flex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. bought a new position in Omega Flex during the 1st quarter valued at $30,000. SYSTM Wealth Solutions LLC acquired a new stake in shares of Omega Flex in the first quarter valued at $124,000. State Board of Administration of Florida Retirement System bought a new position in Omega Flex during the first quarter valued at about $128,000. EntryPoint Capital LLC grew its holdings in Omega Flex by 577.5% during the first quarter. EntryPoint Capital LLC now owns 1,836 shares of the industrial products company’s stock worth $130,000 after acquiring an additional 1,565 shares during the period. Finally, Norden Group LLC bought a new stake in Omega Flex in the first quarter worth about $249,000. 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.