Omega Flex (NASDAQ:OFLX) Shares Gap Down to $68.62

Shares of Omega Flex, Inc. (NASDAQ:OFLX) gapped down before the market opened on Tuesday . The stock had previously closed at $68.62, but opened at $66.61. Omega Flex shares last traded at $66.61, with a volume of 730 shares.

Wall Street Analyst Weigh In

Separately, StockNews.com started coverage on shares of Omega Flex in a research report on Thursday, October 5th. They issued a “hold” rating on the stock.

Omega Flex Trading Up 1.3 %

The stock’s 50-day moving average price is $75.27 and its 200-day moving average price is $88.87. The company has a market capitalization of $701.36 million, a P/E ratio of 31.48 and a beta of 0.48.

Omega Flex (NASDAQ:OFLX) last posted its quarterly earnings results on Wednesday, October 18th. The industrial products company reported $0.55 earnings per share (EPS) for the quarter. Omega Flex had a net margin of 19.32% and a return on equity of 29.68%. The company had revenue of $27.50 million for the quarter.

Omega Flex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Monday, September 25th were given a $0.33 dividend. The ex-dividend date was Friday, September 22nd. This represents a $1.32 annualized dividend and a yield of 1.90%. Omega Flex’s dividend payout ratio is presently 60.55%.

Institutional Trading of Omega Flex

Several hedge funds have recently bought and sold shares of OFLX. Envestnet Asset Management Inc. lifted its position in Omega Flex by 49.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 2,759 shares of the industrial products company’s stock valued at $358,000 after purchasing an additional 919 shares during the last quarter. Swiss National Bank lifted its position in Omega Flex by 7.5% in the 1st quarter. Swiss National Bank now owns 7,200 shares of the industrial products company’s stock valued at $935,000 after purchasing an additional 500 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Omega Flex by 5.4% in the 1st quarter. Bank of New York Mellon Corp now owns 30,150 shares of the industrial products company’s stock valued at $3,915,000 after purchasing an additional 1,553 shares during the last quarter. US Bancorp DE lifted its position in Omega Flex by 219.9% in the 1st quarter. US Bancorp DE now owns 4,511 shares of the industrial products company’s stock valued at $585,000 after purchasing an additional 3,101 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Omega Flex by 2.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,495 shares of the industrial products company’s stock valued at $2,922,000 after purchasing an additional 476 shares during the last quarter. 37.65% of the stock is currently owned by institutional investors.

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; and corrugated medical tubing for use in hospitals, ambulatory care centers, dental, physician and veterinary clinics, laboratories, and other facilities.