Omega Flex (NASDAQ:OFLX) Stock Crosses Below Two Hundred Day Moving Average – Here’s Why

Shares of Omega Flex, Inc. (NASDAQ:OFLX) passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $31.39 and traded as low as $30.76. Omega Flex shares last traded at $31.18, with a volume of 42,360 shares trading hands.

Analysts Set New Price Targets

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

Omega Flex Stock Performance

The stock has a fifty day moving average of $31.14 and a 200 day moving average of $31.39. The company has a market capitalization of $314.61 million, a PE ratio of 23.44 and a beta of 0.47.

Omega Flex (NASDAQ:OFLX) last announced its quarterly earnings data on Friday, May 1st. The industrial products company reported $0.21 earnings per share (EPS) for the quarter. The business had revenue of $23.09 million during the quarter. Omega Flex had a net margin of 13.60% and a return on equity of 15.94%.

Omega Flex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 21st. Investors of record on Thursday, April 9th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Thursday, April 9th. Omega Flex’s dividend payout ratio (DPR) is presently 102.26%.

Institutional Trading of Omega Flex

Several hedge funds have recently bought and sold shares of OFLX. Ameriprise Financial Inc. boosted its holdings in shares of Omega Flex by 47.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company’s stock valued at $4,813,000 after purchasing an additional 47,582 shares during the last quarter. Punch & Associates Investment Management Inc. bought a new stake in shares of Omega Flex in the first quarter worth about $1,350,000. Corsair Capital Management L.P. bought a new stake in shares of Omega Flex in the fourth quarter worth about $590,000. Trexquant Investment LP purchased a new stake in shares of Omega Flex in the fourth quarter worth about $561,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Omega Flex by 70.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 43,069 shares of the industrial products company’s stock worth $1,337,000 after buying an additional 17,866 shares in the last quarter. Hedge funds and other institutional investors own 36.06% of the company’s stock.

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.