Omega Flex (NASDAQ:OFLX) Stock Crosses Below 200 Day Moving Average - Here's What Happened

Key Points

• Omega Flex stock fell below its 200-day moving average of $35.01, trading at $33.70 with a volume of 22,704 shares on the last trading day.
• Wall Street Zen has downgraded Omega Flex from a "buy" rating to a "hold" rating as of May 15th.
• The company announced a quarterly dividend of $0.34 per share, reflecting an annual yield of 4.04% with a payout ratio of 79.07%.

Shares of Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report) crossed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $35.01 and traded as low as $33.16. Omega Flex shares last traded at $33.70, with a volume of 22,704 shares traded.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of Omega Flex from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th.

Omega Flex Trading Down 2.9%

The business's 50 day moving average price is $33.44 and its two-hundred day moving average price is $34.92. The company has a market capitalization of $312.64 million, a price-to-earnings ratio of 18.44 and a beta of 0.36.

Omega Flex (NASDAQ:OFLX - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter. The firm had revenue of $25.52 million during the quarter. Omega Flex had a net margin of 16.91% and a return on equity of 20.55%.

Omega Flex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 30th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date was Monday, June 30th. Omega Flex's dividend payout ratio (DPR) is 79.07%.

Insider Transactions at Omega Flex

In other Omega Flex news, Chairman Kevin R. Hoben sold 972 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $31.55, for a total transaction of $30,666.60. Following the completion of the transaction, the chairman owned 898,533 shares in the company, valued at $28,348,716.15. This trade represents a 0.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 65.20% of the company's stock.

Hedge Funds Weigh In On Omega Flex

A number of large investors have recently modified their holdings of OFLX. CWM LLC raised its stake in Omega Flex by 51.8% in the second quarter. CWM LLC now owns 1,857 shares of the industrial products company's stock valued at $60,000 after purchasing an additional 634 shares in the last quarter. Cardinal Capital Management increased its position in Omega Flex by 45.0% during the 2nd quarter. Cardinal Capital Management now owns 38,904 shares of the industrial products company's stock valued at $1,273,000 after purchasing an additional 12,069 shares during the period. Jane Street Group LLC increased its position in Omega Flex by 119.0% during the 1st quarter. Jane Street Group LLC now owns 14,080 shares of the industrial products company's stock valued at $490,000 after purchasing an additional 7,651 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Omega Flex by 28.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 58,834 shares of the industrial products company's stock valued at $2,046,000 after buying an additional 12,928 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Omega Flex during the 1st quarter valued at $292,000. 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.