Omega Flex (NASDAQ:OFLX) Share Price Crosses Below 200 Day Moving Average – What’s Next?

Omega Flex, Inc. (NASDAQ:OFLX) shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $54.66 and traded as low as $48.67. Omega Flex shares last traded at $49.92, with a volume of 13,527 shares trading hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Omega Flex from a “hold” rating to a “buy” rating in a research report on Friday, August 9th.

Omega Flex Stock Up 2.8 %

The firm’s 50 day simple moving average is $48.66 and its two-hundred day simple moving average is $54.66.

Omega Flex (NASDAQ:OFLX) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.45 earnings per share for the quarter. Omega Flex had a net margin of 18.18% and a return on equity of 24.24%. The business had revenue of $24.62 million during the quarter.

Omega Flex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Thursday, September 26th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Thursday, September 26th. Omega Flex’s payout ratio is presently 71.58%.

Hedge Funds Weigh In On Omega Flex

Several hedge funds and other institutional investors have recently made changes to their positions in OFLX. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Omega Flex by 196.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,236 shares of the industrial products company’s stock valued at $63,000 after purchasing an additional 819 shares during the last quarter. State Board of Administration of Florida Retirement System bought a new stake in shares of Omega Flex during the 1st quarter valued at approximately $128,000. EntryPoint Capital LLC grew its holdings in shares of Omega Flex by 577.5% during the 1st quarter. EntryPoint Capital LLC now owns 1,836 shares of the industrial products company’s stock valued at $130,000 after purchasing an additional 1,565 shares during the last quarter. Norden Group LLC bought a new stake in shares of Omega Flex during the 1st quarter valued at approximately $249,000. Finally, American Century Companies Inc. grew its holdings in shares of Omega Flex by 50.2% during the 2nd quarter. American Century Companies Inc. now owns 5,006 shares of the industrial products company’s stock valued at $257,000 after purchasing an additional 1,673 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, 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.