Omega Flex (NASDAQ:OFLX) Stock Price Passes Below 200-Day Moving Average – Time to Sell?

Omega Flex, Inc. (NASDAQ:OFLX)’s stock price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $31.81 and traded as low as $29.68. Omega Flex shares last traded at $31.39, with a volume of 67,766 shares changing hands.

Analyst Upgrades and Downgrades

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

Omega Flex Trading Down 4.8%

The company’s 50 day moving average price is $30.09 and its 200-day moving average price is $31.80. The company has a market capitalization of $301.49 million, a PE ratio of 22.47 and a beta of 0.46.

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 business had revenue of $23.09 million for the quarter.

Omega Flex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Tuesday, June 23rd. Omega Flex’s dividend payout ratio (DPR) is 102.26%.

Institutional Trading of Omega Flex

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Quantinno Capital Management LP increased its position in shares of Omega Flex by 48.2% in the first quarter. Quantinno Capital Management LP now owns 25,517 shares of the industrial products company’s stock worth $792,000 after acquiring an additional 8,296 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Omega Flex by 70.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 43,069 shares of the industrial products company’s stock valued at $1,337,000 after acquiring an additional 17,866 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Omega Flex by 8.2% during the 1st quarter. Bank of New York Mellon Corp now owns 53,321 shares of the industrial products company’s stock worth $1,655,000 after purchasing an additional 4,055 shares during the period. Fifth Third Bancorp acquired a new stake in Omega Flex in the 1st quarter valued at $46,000. Finally, Russell Investments Group Ltd. raised its position in Omega Flex by 65.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 442 shares during the period. Institutional investors and hedge funds own 36.06% of the company’s stock.

Omega Flex Company Profile

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.