Omega Flex (NASDAQ:OFLX) Shares Cross Below 200-Day Moving Average – What’s Next?

Omega Flex, Inc. (NASDAQ:OFLX) shares crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $31.76 and traded as low as $30.93. Omega Flex shares last traded at $31.39, with a volume of 23,481 shares.

Analyst Ratings Changes

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

Omega Flex Price Performance

The business’s 50 day simple moving average is $30.65 and its 200-day simple moving average is $31.76. The stock has a market capitalization of $316.73 million, a P/E ratio of 23.60 and a beta of 0.47.

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

Omega Flex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Tuesday, June 23rd will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Tuesday, June 23rd. Omega Flex’s dividend payout ratio is currently 102.26%.

Hedge Funds Weigh In On Omega Flex

Institutional investors have recently modified their holdings of the stock. CANADA LIFE ASSURANCE Co acquired a new stake in shares of Omega Flex in the 4th quarter valued at approximately $32,000. Russell Investments Group Ltd. increased its stake in Omega Flex by 65.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 442 shares in the last quarter. Comerica Bank raised its holdings in Omega Flex by 313.1% in the fourth quarter. Comerica Bank now owns 1,231 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 933 shares during the period. Fifth Third Bancorp acquired a new stake in Omega Flex in the first quarter worth $46,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Omega Flex during the first quarter worth $159,000. 36.06% of the stock is currently 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.