Omega Flex (NASDAQ:OFLX) Shares Pass Below 200 Day Moving Average – Here’s What Happened

Shares of Omega Flex, Inc. (NASDAQ:OFLX) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $31.76 and traded as low as $29.26. Omega Flex shares last traded at $29.26, with a volume of 31,848 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings cut 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, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Omega Flex Price Performance

The business’s 50-day simple moving average is $30.31 and its two-hundred day simple moving average is $31.76. The stock has a market cap of $295.23 million, a price-to-earnings ratio of 22.00 and a beta of 0.46.

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

Omega Flex Announces Dividend

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

Institutional Trading of Omega Flex

A number of hedge funds have recently made changes to their positions in OFLX. Royal Bank of Canada increased its stake in shares of Omega Flex by 36.1% in the first quarter. Royal Bank of Canada now owns 9,843 shares of the industrial products company’s stock valued at $342,000 after buying an additional 2,612 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in Omega Flex during the 1st quarter worth approximately $159,000. Jacobs Levy Equity Management Inc. acquired a new stake in Omega Flex during the 1st quarter worth approximately $292,000. Goldman Sachs Group Inc. grew its holdings in Omega Flex by 28.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 58,834 shares of the industrial products company’s stock worth $2,046,000 after acquiring an additional 12,928 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in Omega Flex by 119.0% during the 1st quarter. Jane Street Group LLC now owns 14,080 shares of the industrial products company’s stock worth $490,000 after acquiring an additional 7,651 shares during the last quarter. 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.