Omega Flex, Inc. (NASDAQ:OFLX – Get Free Report) passed 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 traded.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings lowered Omega Flex from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Omega Flex currently has a consensus rating of “Sell”.
View Our Latest Report on OFLX
Omega Flex Stock Performance
Omega Flex (NASDAQ:OFLX – Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The industrial products company reported $0.21 EPS for the quarter. The business 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd will be issued a dividend of $0.34 per share. 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 102.26%.
Hedge Funds Weigh In On Omega Flex
Several large investors have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co acquired a new position in shares of Omega Flex during the fourth quarter valued at about $32,000. Russell Investments Group Ltd. lifted its position 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 worth $33,000 after buying an additional 442 shares during the period. Comerica Bank lifted its holdings in shares of Omega Flex by 313.1% during the fourth quarter. Comerica Bank now owns 1,231 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 933 shares during the period. Fifth Third Bancorp acquired a new position in Omega Flex in the first quarter valued at about $46,000. Finally, Versant Capital Management Inc raised its stake in shares of Omega Flex by 912.1% in the second quarter. Versant Capital Management Inc now owns 1,670 shares of the industrial products company’s stock valued at $52,000 after acquiring an additional 1,505 shares during the last quarter. 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.
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