Omega Flex (NASDAQ:OFLX) Stock Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Omega Flex, Inc. (NASDAQ:OFLX) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $31.49 and traded as high as $37.10. Omega Flex shares last traded at $36.56, with a volume of 60,109 shares.

Wall Street Analysts Forecast Growth

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

Omega Flex Stock Performance

The company has a 50-day moving average of $33.04 and a 200-day moving average of $31.49. The stock has a market cap of $368.89 million, a price-to-earnings ratio of 22.99 and a beta of 0.44.

Omega Flex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Friday, December 19th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, December 19th. This represents a $1.36 annualized dividend and a dividend yield of 3.7%. Omega Flex’s dividend payout ratio (DPR) is currently 85.53%.

Insider Transactions at Omega Flex

In other news, Director Stephen M. Shea acquired 2,350 shares of the company’s stock in a transaction on Friday, December 5th. The shares were bought at an average cost of $28.47 per share, with a total value of $66,904.50. Following the purchase, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have acquired 4,134 shares of company stock valued at $118,486. Insiders own 65.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its position in Omega Flex by 47.1% in the second 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 period. Corsair Capital Management L.P. purchased a new position in shares of Omega Flex during the 4th quarter worth approximately $590,000. Trexquant Investment LP acquired a new stake in shares of Omega Flex in the 4th quarter valued at approximately $561,000. Quantinno Capital Management LP purchased a new stake in shares of Omega Flex in the second quarter valued at approximately $521,000. Finally, Marshall Wace LLP boosted its stake in shares of Omega Flex by 33.4% in the fourth quarter. Marshall Wace LLP now owns 53,106 shares of the industrial products company’s stock valued at $1,563,000 after buying an additional 13,289 shares in the last quarter. 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.