Omega Flex (NASDAQ:OFLX) Rating Lowered to Hold at StockNews.com

Omega Flex (NASDAQ:OFLX) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

Omega Flex Stock Up 4.3 %

Omega Flex stock opened at $38.68 on Friday. The company has a market cap of $390.44 million, a price-to-earnings ratio of 21.37 and a beta of 0.26. The firm’s fifty day moving average is $39.07 and its 200 day moving average is $45.33. Omega Flex has a 52-week low of $34.39 and a 52-week high of $75.14.

Omega Flex (NASDAQ:OFLX) last released its quarterly earnings results on Wednesday, March 5th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter. The company had revenue of $26.97 million for the quarter. Omega Flex had a net margin of 17.71% and a return on equity of 22.68%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Omega Flex by 51.2% in the third quarter. JPMorgan Chase & Co. now owns 13,512 shares of the industrial products company’s stock worth $675,000 after purchasing an additional 4,578 shares during the last quarter. State Street Corp grew its holdings in shares of Omega Flex by 3.4% in the third quarter. State Street Corp now owns 74,196 shares of the industrial products company’s stock worth $3,729,000 after purchasing an additional 2,433 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Omega Flex by 2.7% in the third quarter. Geode Capital Management LLC now owns 89,362 shares of the industrial products company’s stock worth $4,461,000 after purchasing an additional 2,358 shares during the last quarter. Barclays PLC grew its holdings in shares of Omega Flex by 405.9% in the third quarter. Barclays PLC now owns 6,450 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 5,175 shares during the last quarter. Finally, US Bancorp DE grew its holdings in shares of Omega Flex by 38.5% in the third quarter. US Bancorp DE now owns 6,439 shares of the industrial products company’s stock worth $321,000 after purchasing an additional 1,789 shares during the last quarter. Institutional investors own 36.06% of the company’s stock.

About Omega Flex

Omega Flex, Inc, together with its subsidiaries, manufactures and sells flexible metal hoses and accessories in North America and internationally. It offers flexible gas piping for use in residential and commercial buildings; fittings; containment pining; and corrugated medical tubing for use in hospitals, ambulatory care centers, dental, physician and veterinary clinics, laboratories, and other facilities.