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

Omega Flex, Inc. (NASDAQ:OFLX)’s stock price crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $29.22 and traded as low as $25.08. Omega Flex shares last traded at $25.15, with a volume of 48,751 shares trading 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Omega Flex Stock Down 0.6%

The firm has a market cap of $249.22 million, a PE ratio of 20.76 and a beta of 0.44. The company’s fifty day moving average price is $26.28 and its two-hundred day moving average price is $29.16.

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

Omega Flex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th were paid a $0.34 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 5.5%. Omega Flex’s payout ratio is 114.29%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Omega Flex in the second quarter worth $8,714,000. Principle Wealth Partners LLC purchased a new stake in shares of Omega Flex during the 2nd quarter worth $6,036,000. Harber Asset Management LLC purchased a new stake in shares of Omega Flex during the 2nd quarter worth $2,016,000. Punch & Associates Investment Management Inc. acquired a new position in shares of Omega Flex during the 2nd quarter worth $1,900,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Omega Flex during the 2nd quarter worth $1,727,000. Institutional investors and hedge funds own 36.06% of the company’s stock.

About Omega Flex

Omega Flex, Inc manufactures and markets flexible metal hose and piping systems used to transport fuel gases and other gases. Its products are designed for residential, commercial, industrial, and specialized applications, providing an alternative to traditional rigid piping systems.

The company’s product portfolio includes corrugated stainless steel tubing systems such as TracPipe and CounterStrike for natural gas and propane distribution. Omega Flex also offers products for applications including outdoor gas piping, medical gas systems, and other specialized fluid or gas-handling needs.