Omega Flex (NASDAQ:OFLX) Share Price Passes Below 200 Day Moving Average - What's Next?

Key Points

• Omega Flex shares fell below their 200-day moving average on Friday, trading as low as $29.34 versus a 200-day average of $31.81. The stock last traded at $29.55 on volume of 22,760 shares.
• Weiss Ratings downgraded Omega Flex from “hold (c-)” to “sell (d+)” in a Friday research note. MarketBeat data shows the stock now has a consensus rating of “Sell.”
• The company reported modest quarterly results and pays a high dividend yield, with Q1 EPS of $0.21 on revenue of $23.09 million. Its quarterly dividend of $0.34 implies an annualized yield of 4.6%, though the payout ratio is above 100%.

Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report)'s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $31.81 and traded as low as $29.34. Omega Flex shares last traded at $29.55, with a volume of 22,760 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of Omega Flex from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Omega Flex presently has a consensus rating of "Sell".

Omega Flex Stock Performance

The firm has a market cap of $298.16 million, a P/E ratio of 22.22 and a beta of 0.46. The business's 50-day simple moving average is $30.26 and its 200 day simple moving average is $31.81.

Omega Flex (NASDAQ:OFLX - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The industrial products company reported $0.21 earnings per share for the quarter. The firm had revenue of $23.09 million for the quarter. Omega Flex had a return on equity of 15.94% and a net margin of 13.60%.

Omega Flex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd were issued a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $1.36 dividend on an annualized basis and a yield of 4.6%. Omega Flex's dividend payout ratio is currently 102.26%.

Institutional Investors Weigh In On Omega Flex

A number of large investors have recently made changes to their positions in OFLX. Ameriprise Financial Inc. lifted its stake in shares of Omega Flex by 47.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company's stock worth $4,813,000 after purchasing an additional 47,582 shares during the period. Punch & Associates Investment Management Inc. bought a new stake in Omega Flex during the first quarter valued at approximately $1,350,000. Corsair Capital Management L.P. purchased a new stake in Omega Flex during the fourth quarter valued at approximately $590,000. Trexquant Investment LP purchased a new stake in Omega Flex during the fourth quarter valued at approximately $561,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Omega Flex by 70.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 43,069 shares of the industrial products company's stock valued at $1,337,000 after buying an additional 17,866 shares during the last quarter. 36.06% of the stock is currently owned by institutional investors.

Omega Flex Company Profile

Omega Flex, Inc designs, manufactures and distributes flexible metal tubing and related products that enable the safe and efficient conveyance of natural gas and other hydrocarbon fuels. The company's engineered solutions offer leak-resistant connections and installation flexibility, serving original equipment manufacturers, distributors and end-users across residential, commercial and industrial markets.

Its product portfolio includes corrugated stainless steel tubing (CSST), stainless steel hose assemblies, mechanical connectors, fittings, leak detection equipment and specialized installation tools.

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