Omega Flex (NASDAQ:OFLX) Stock Price Crosses Below 200 Day Moving Average – Should You Sell?

Omega Flex, Inc. (NASDAQ:OFLX)’s stock price crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $29.72 and traded as low as $24.86. Omega Flex shares last traded at $25.17, with a volume of 26,828 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of Omega Flex in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Omega Flex currently has an average rating of “Sell”.

Omega Flex Trading Up 1.5%

The firm’s 50-day simple moving average is $27.85 and its 200 day simple moving average is $29.70. The stock has a market cap of $257.70 million, a P/E ratio of 21.46 and a beta of 0.45.

Omega Flex (NASDAQ:OFLX) last issued its quarterly earnings data on Thursday, August 13th. The industrial products company reported $0.27 earnings per share (EPS) for the quarter. Omega Flex had a return on equity of 14.26% and a net margin of 12.27%.The business had revenue of $24.06 million during the quarter.

Omega Flex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Wednesday, September 30th. Omega Flex’s payout ratio is 114.29%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Fifth Third Bancorp acquired a new stake in Omega Flex in the first quarter worth about $46,000. Versant Capital Management Inc raised its position in shares of Omega Flex by 912.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,670 shares of the industrial products company’s stock worth $52,000 after buying an additional 1,505 shares in the last quarter. Deutsche Bank AG bought a new stake in shares of Omega Flex during the 2nd quarter worth about $121,000. Canada Pension Plan Investment Board acquired a new stake in shares of Omega Flex in the 2nd quarter worth approximately $217,000. Finally, Ieq Capital LLC acquired a new stake in shares of Omega Flex in the 2nd quarter worth approximately $358,000. 36.06% of the stock is owned by institutional investors and hedge funds.

Omega Flex Company Profile

Omega Flex, Inc is a manufacturer of flexible metal tubing and related products used primarily in gas piping applications. The company’s products are designed to provide an alternative to rigid piping and are used to distribute natural gas and propane in residential, commercial, and industrial buildings.

Its product portfolio includes corrugated stainless steel tubing systems marketed under brands such as TracPipe and CounterStrike, along with associated fittings, manifolds, termination components, and installation accessories.