Omega Flex (NASDAQ:OFLX) Share Price Passes Below 200-Day Moving Average – Time to Sell?

Shares of Omega Flex, Inc. (NASDAQ:OFLX) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $31.81 and traded as low as $29.68. Omega Flex shares last traded at $31.39, with a volume of 67,766 shares.

Wall Street Analyst Weigh In

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

Omega Flex Stock Up 5.1%

The firm’s 50-day moving average price is $30.09 and its 200 day moving average price is $31.81. The firm has a market cap of $316.73 million, a P/E ratio of 23.60 and a beta of 0.46.

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

Omega Flex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd were paid a $0.34 dividend. The ex-dividend date was Tuesday, June 23rd. This represents a $1.36 annualized dividend and a dividend yield of 4.3%. Omega Flex’s dividend payout ratio (DPR) is presently 102.26%.

Institutional Investors Weigh In On Omega Flex

A number of hedge funds have recently made changes to their positions in OFLX. Ameriprise Financial Inc. boosted its position in shares of Omega Flex by 47.1% during the second quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company’s stock worth $4,813,000 after buying an additional 47,582 shares during the period. Punch & Associates Investment Management Inc. acquired a new stake in Omega Flex in the 1st quarter valued at approximately $1,350,000. Corsair Capital Management L.P. acquired a new stake in Omega Flex in the 4th quarter valued at approximately $590,000. Trexquant Investment LP bought a new stake in Omega Flex during the 4th quarter valued at $561,000. Finally, Arrowstreet Capital Limited Partnership raised 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 valued at $1,337,000 after acquiring an additional 17,866 shares in the last quarter. Institutional investors own 36.06% of the company’s stock.

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.