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 report released on Friday.

Omega Flex Stock Performance

Shares of OFLX opened at $44.99 on Friday. The company’s 50 day moving average price is $52.99 and its 200 day moving average price is $63.32. Omega Flex has a 52 week low of $43.86 and a 52 week high of $87.86. The company has a market capitalization of $453.95 million, a PE ratio of 23.68 and a beta of 0.38.

Omega Flex Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Wednesday, June 26th were paid 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 dividend on an annualized basis and a yield of 3.02%. Omega Flex’s payout ratio is 71.58%.

Institutional Trading of Omega Flex

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Omega Flex by 1.5% in the first quarter. Vanguard Group Inc. now owns 161,884 shares of the industrial products company’s stock valued at $11,482,000 after acquiring an additional 2,411 shares during the last quarter. Norden Group LLC acquired a new stake in Omega Flex in the first quarter valued at approximately $3,513,000. Renaissance Technologies LLC lifted its stake in Omega Flex by 44.0% in the second quarter. Renaissance Technologies LLC now owns 37,695 shares of the industrial products company’s stock valued at $1,933,000 after acquiring an additional 11,515 shares during the last quarter. Sei Investments Co. lifted its stake in Omega Flex by 1.5% in the first quarter. Sei Investments Co. now owns 23,694 shares of the industrial products company’s stock valued at $1,681,000 after acquiring an additional 348 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Omega Flex in the second quarter valued at approximately $271,000. 36.06% of the stock is currently owned by institutional investors and hedge funds.

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.