Omega Flex (NASDAQ:OFLX) Stock Price Passes Below Two Hundred Day Moving Average – Here’s What Happened

Omega Flex, Inc. (NASDAQ:OFLX) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $31.29 and traded as low as $30.56. Omega Flex shares last traded at $31.22, with a volume of 24,902 shares traded.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Omega Flex in a report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Omega Flex Stock Performance

The company has a market cap of $315.13 million, a price-to-earnings ratio of 19.64 and a beta of 0.37. The business has a fifty day moving average price of $28.44 and a 200 day moving average price of $31.27.

Omega Flex (NASDAQ:OFLX) last issued 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 firm had revenue of $24.23 million for the quarter.

Omega Flex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Friday, December 19th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Friday, December 19th. Omega Flex’s payout ratio is 85.53%.

Insiders Place Their Bets

In related news, Director Stephen M. Shea bought 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 directly owned 3,750 shares in the company, valued at approximately $106,762.50. This trade represents a 167.86% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders acquired 4,134 shares of company stock valued at $118,486 in the last three months. Corporate insiders own 65.20% of the company’s stock.

Institutional Investors Weigh In On Omega Flex

Several large investors have recently modified their holdings of OFLX. Cardinal Capital Management increased its holdings in Omega Flex by 45.0% in the second quarter. Cardinal Capital Management now owns 38,904 shares of the industrial products company’s stock worth $1,273,000 after purchasing an additional 12,069 shares in the last quarter. Topline Capital Management LLC acquired a new stake in shares of Omega Flex during the 3rd quarter worth approximately $342,000. BNP Paribas Financial Markets increased its stake in shares of Omega Flex by 25.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,679 shares of the industrial products company’s stock valued at $146,000 after acquiring an additional 957 shares in the last quarter. US Bancorp DE increased its stake in shares of Omega Flex by 19.8% in the 3rd quarter. US Bancorp DE now owns 4,923 shares of the industrial products company’s stock valued at $154,000 after acquiring an additional 814 shares in the last quarter. Finally, CWM LLC lifted its position in shares of Omega Flex by 129.5% during the 3rd quarter. CWM LLC now owns 4,262 shares of the industrial products company’s stock valued at $133,000 after acquiring an additional 2,405 shares during the period. 36.06% of the stock is currently owned by institutional investors and hedge funds.

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.