Omega Flex (NASDAQ:OFLX) Share Price Crosses Below Two Hundred Day Moving Average – Should You Sell?

Shares of Omega Flex, Inc. (NASDAQ:OFLX) passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $29.58 and traded as low as $25.51. Omega Flex shares last traded at $25.64, with a volume of 33,262 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of Omega Flex in a report on Wednesday, July 29th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Omega Flex Price Performance

The stock has a fifty day moving average price of $27.29 and a two-hundred day moving average price of $29.56. The company has a market cap of $265.67 million, a P/E ratio of 22.12 and a beta of 0.44.

Omega Flex (NASDAQ:OFLX) last announced its quarterly earnings results on Thursday, August 13th. The industrial products company reported $0.27 earnings per share (EPS) for the quarter. The business had revenue of $24.06 million during the quarter. Omega Flex had a return on equity of 14.26% and a net margin of 12.27%.

Omega Flex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Wednesday, September 30th. Omega Flex’s payout ratio is currently 114.29%.

Institutional Trading of Omega Flex

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp bought a new position in shares of Omega Flex during the first quarter valued at about $46,000. Versant Capital Management Inc grew its position in Omega Flex by 912.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,670 shares of the industrial products company’s stock worth $52,000 after purchasing an additional 1,505 shares in the last quarter. Deutsche Bank AG purchased a new stake in Omega Flex in the 2nd quarter valued at about $121,000. Canada Pension Plan Investment Board purchased a new stake in Omega Flex in the 2nd quarter valued at about $217,000. Finally, Ieq Capital LLC bought a new position in shares of Omega Flex during the 2nd quarter worth approximately $358,000. Hedge funds and other institutional investors own 36.06% of the company’s stock.

About Omega Flex

Omega Flex, Inc (NASDAQ: OFLX) develops and manufactures flexible metal piping systems. The company is best known for corrugated stainless steel tubing (CSST) used in natural gas and propane distribution systems for residential, commercial and industrial applications.

Its product portfolio includes TracPipe and CounterStrike flexible gas piping systems, which are designed to simplify installation compared with traditional rigid piping. Omega Flex also offers products for specialized applications, including DoubleTrac containment systems and MediTrac medical gas piping.