Omega Flex (NASDAQ:OFLX) Shares Cross Below Two Hundred Day Moving Average – Here’s Why

Omega Flex, Inc. (NASDAQ:OFLX) shares passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $48.38 and traded as low as $37.88. Omega Flex shares last traded at $40.07, with a volume of 31,224 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Omega Flex from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th.

Omega Flex Stock Performance

The company has a market cap of $404.31 million, a price-to-earnings ratio of 22.14 and a beta of 0.39. The firm’s 50-day moving average price is $46.63 and its 200 day moving average price is $48.38.

Omega Flex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Thursday, December 19th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend was Thursday, December 19th. Omega Flex’s payout ratio is 75.14%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Los Angeles Capital Management LLC bought a new position in Omega Flex during the 2nd quarter worth approximately $271,000. American Century Companies Inc. boosted its position in shares of Omega Flex by 50.2% during the second quarter. American Century Companies Inc. now owns 5,006 shares of the industrial products company’s stock worth $257,000 after purchasing an additional 1,673 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Omega Flex by 44.0% in the 2nd quarter. Renaissance Technologies LLC now owns 37,695 shares of the industrial products company’s stock valued at $1,933,000 after buying an additional 11,515 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in shares of Omega Flex by 196.4% in 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 buying an additional 819 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in Omega Flex by 207.1% during the 2nd quarter. Marshall Wace LLP now owns 20,759 shares of the industrial products company’s stock worth $1,065,000 after buying an additional 13,999 shares during the period. 36.06% of the stock is currently owned by institutional investors.

Omega Flex Company Profile

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.