Omega Flex (NASDAQ:OFLX) Stock Price Passes Below 200-Day Moving Average – Should You Sell?

Omega Flex, Inc. (NASDAQ:OFLX)’s stock price crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $31.81 and traded as low as $29.34. Omega Flex shares last traded at $29.55, with a volume of 22,760 shares.

Analysts Set New Price Targets

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

Omega Flex Trading Up 0.3%

The stock has a 50 day moving average of $30.26 and a 200-day moving average of $31.81. The company has a market capitalization of $298.16 million, a P/E ratio of 22.22 and a beta of 0.46.

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

Omega Flex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd were paid a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.6%. Omega Flex’s dividend payout ratio is 102.26%.

Institutional Trading of Omega Flex

Several institutional investors and hedge funds have recently modified their holdings of OFLX. Russell Investments Group Ltd. lifted its stake in shares of Omega Flex by 65.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company’s stock valued at $33,000 after buying an additional 442 shares in the last quarter. Alliancebernstein L.P. increased its stake in Omega Flex by 6.7% in the 3rd quarter. Alliancebernstein L.P. now owns 7,970 shares of the industrial products company’s stock worth $249,000 after buying an additional 500 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Omega Flex by 8.2% during the fourth quarter. Exchange Traded Concepts LLC now owns 8,838 shares of the industrial products company’s stock valued at $260,000 after acquiring an additional 673 shares during the period. US Bancorp DE raised its holdings in Omega Flex by 19.8% during the third quarter. US Bancorp DE now owns 4,923 shares of the industrial products company’s stock valued at $154,000 after acquiring an additional 814 shares during the period. Finally, Barclays PLC lifted its position in shares of Omega Flex by 14.3% in the fourth quarter. Barclays PLC now owns 7,060 shares of the industrial products company’s stock valued at $208,000 after acquiring an additional 882 shares in the last quarter. 36.06% of the stock is currently 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.