Omega Flex (NASDAQ:OFLX) Stock Passes Above 50-Day Moving Average – Here’s Why

Omega Flex, Inc. (NASDAQ:OFLX)’s share price passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $30.89 and traded as high as $32.19. Omega Flex shares last traded at $30.40, with a volume of 34,596 shares.

Wall Street Analyst Weigh In

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

Omega Flex Stock Down 2.4%

The firm has a market cap of $306.74 million, a price-to-earnings ratio of 22.86 and a beta of 0.47. The business’s fifty day moving average is $30.89 and its two-hundred day moving average is $31.65.

Omega Flex (NASDAQ:OFLX) last posted its quarterly earnings data 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Tuesday, June 23rd. Omega Flex’s dividend payout ratio (DPR) is currently 102.26%.

Institutional Investors Weigh In On Omega Flex

A number of institutional investors have recently made changes to their positions in OFLX. Quantinno Capital Management LP increased its holdings in 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 valued at $792,000 after purchasing an additional 8,296 shares during the last quarter. Corsair Capital Management L.P. raised its position in shares of Omega Flex by 38.7% in the 1st quarter. Corsair Capital Management L.P. now owns 27,792 shares of the industrial products company’s stock valued at $863,000 after acquiring an additional 7,759 shares during the period. Punch & Associates Investment Management Inc. bought a new position in Omega Flex during the 1st quarter worth approximately $1,350,000. Arrowstreet Capital Limited Partnership boosted its stake in 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 worth $1,337,000 after acquiring an additional 17,866 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in 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 during the period. 36.06% of the stock is owned by institutional investors and hedge funds.

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.