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

Omega Flex, Inc. (NASDAQ:OFLX)’s share price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $31.49 and traded as low as $28.51. Omega Flex shares last traded at $29.35, with a volume of 70,522 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Omega Flex in a report on Monday. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

Omega Flex Stock Down 1.0%

The stock has a market capitalization of $292.90 million, a P/E ratio of 18.26 and a beta of 0.40. The business’s 50 day simple moving average is $28.15 and its two-hundred day simple moving average is $31.47.

Omega Flex (NASDAQ:OFLX) last posted its earnings results on Friday, October 31st. The industrial products company reported $0.37 earnings per share for the quarter. Omega Flex had a net margin of 16.08% and a return on equity of 19.24%. The company had revenue of $24.23 million for the quarter.

Omega Flex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 7th. Investors of record on Friday, December 19th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Friday, December 19th. This represents a $1.36 annualized dividend and a dividend yield of 4.7%. Omega Flex’s payout ratio is presently 85.53%.

Insider Transactions at Omega Flex

In related news, Director Stephen M. Shea purchased 2,350 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was acquired at an average cost of $28.47 per share, with a total value of $66,904.50. Following the transaction, the director owned 3,750 shares of the company’s stock, valued at $106,762.50. This represents a 167.86% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders acquired a total of 4,134 shares of company stock worth $118,486 in the last ninety days. Corporate insiders own 65.20% of the company’s stock.

Institutional Trading of Omega Flex

Several institutional investors and hedge funds have recently made changes to their positions in OFLX. Ameriprise Financial Inc. boosted its holdings in Omega Flex by 47.1% during the second quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company’s stock worth $4,813,000 after purchasing an additional 47,582 shares during the last quarter. Nuveen LLC bought a new position in shares of Omega Flex in the first quarter valued at approximately $848,000. Quantinno Capital Management LP purchased a new stake in shares of Omega Flex during the second quarter valued at approximately $521,000. Goldman Sachs Group Inc. lifted its holdings in Omega Flex by 28.2% during the first quarter. Goldman Sachs Group Inc. now owns 58,834 shares of the industrial products company’s stock worth $2,046,000 after acquiring an additional 12,928 shares during the period. Finally, Creative Planning boosted its position in Omega Flex by 172.4% in the third quarter. Creative Planning now owns 19,958 shares of the industrial products company’s stock worth $622,000 after purchasing an additional 12,632 shares during 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.