Omega Flex (NASDAQ:OFLX) Stock Passes Above 50-Day Moving Average – Here’s Why

Omega Flex, Inc. (NASDAQ:OFLX) crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $30.89 and traded as high as $32.19. Omega Flex shares last traded at $30.40, with a volume of 34,596 shares traded.

Analysts Set New Price Targets

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.com, Omega Flex presently has an average rating of “Sell”.

Omega Flex Trading Down 2.4%

The stock’s 50 day moving average is $30.89 and its two-hundred day moving average is $31.65. The stock has a market capitalization of $306.74 million, a price-to-earnings ratio of 22.86 and a beta of 0.47.

Omega Flex (NASDAQ:OFLX) last released its quarterly earnings results on Friday, May 1st. The industrial products company reported $0.21 earnings per share (EPS) for the quarter. The firm 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 disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Tuesday, June 23rd will be issued a dividend of $0.34 per share. The ex-dividend date is Tuesday, June 23rd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.5%. Omega Flex’s dividend payout ratio (DPR) is presently 102.26%.

Institutional Investors Weigh In On Omega Flex

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Omega Flex by 5.2% in the 3rd quarter. Vanguard Group Inc. now owns 177,754 shares of the industrial products company’s stock valued at $5,543,000 after acquiring an additional 8,715 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in 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 acquiring an additional 47,582 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Omega Flex by 12.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 68,668 shares of the industrial products company’s stock worth $2,022,000 after acquiring an additional 7,502 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Omega Flex by 8.2% during the first quarter. Bank of New York Mellon Corp now owns 53,321 shares of the industrial products company’s stock worth $1,655,000 after acquiring an additional 4,055 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in Omega Flex by 33.4% during the fourth quarter. Marshall Wace LLP now owns 53,106 shares of the industrial products company’s stock valued at $1,563,000 after purchasing an additional 13,289 shares during 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.