Omega Flex (NASDAQ:OFLX) Shares Cross Below 200-Day Moving Average – Time to Sell?

Omega Flex, Inc. (NASDAQ:OFLX) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $31.25 and traded as low as $29.34. Omega Flex shares last traded at $29.90, with a volume of 23,467 shares trading hands.

Wall Street Analysts Forecast Growth

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

Omega Flex Stock Down 1.1%

The stock has a market capitalization of $301.69 million, a P/E ratio of 22.48 and a beta of 0.47. The business has a fifty day moving average price of $31.08 and a 200-day moving average price of $31.25.

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

Omega Flex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 21st. Stockholders of record on Thursday, April 9th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Thursday, April 9th. Omega Flex’s dividend payout ratio is presently 102.26%.

Insider Activity

In other Omega Flex news, CEO Dean W. Rivest purchased 1,000 shares of the stock in a transaction dated Wednesday, March 11th. The shares were purchased at an average cost of $29.50 per share, with a total value of $29,500.00. Following the completion of the acquisition, the chief executive officer directly owned 1,000 shares in the company, valued at $29,500. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 65.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Quantinno Capital Management LP lifted its holdings in shares of Omega Flex by 48.2% during the first quarter. Quantinno Capital Management LP now owns 25,517 shares of the industrial products company’s stock valued at $792,000 after purchasing an additional 8,296 shares in the last quarter. Corsair Capital Management L.P. lifted its holdings in shares of Omega Flex by 38.7% during the first quarter. Corsair Capital Management L.P. now owns 27,792 shares of the industrial products company’s stock valued at $863,000 after purchasing an additional 7,759 shares in the last quarter. Punch & Associates Investment Management Inc. bought a new position in shares of Omega Flex during the first quarter valued at $1,350,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Omega Flex by 70.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 43,069 shares of the industrial products company’s stock valued at $1,337,000 after purchasing an additional 17,866 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Omega Flex by 8.2% during the first quarter. Bank of New York Mellon Corp now owns 53,321 shares of the industrial products company’s stock valued at $1,655,000 after purchasing an additional 4,055 shares in the last quarter. 36.06% of the stock is owned by institutional investors.

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.