Omega Flex (NASDAQ:OFLX) Stock Passes Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Omega Flex's stock price fell below its 200-day moving average, hitting a low of $30.69 before closing at $30.86.
• The company reported a net margin of 16.91% and earnings of $0.41 per share for the recent quarter, with a revenue of $25.52 million.
• Omega Flex declared a quarterly dividend of $0.34, reflecting an annualized yield of 4.4% and a payout ratio of 80.95%.

Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report)'s stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $33.36 and traded as low as $30.69. Omega Flex shares last traded at $30.86, with a volume of 16,938 shares changing hands.

Omega Flex Stock Performance

The business's 50 day moving average is $33.62 and its 200-day moving average is $33.36. The firm has a market capitalization of $311.38 million, a price-to-earnings ratio of 18.37 and a beta of 0.35.

Omega Flex (NASDAQ:OFLX - Get Free Report) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter. Omega Flex had a net margin of 16.91% and a return on equity of 20.48%. The business had revenue of $25.52 million for the quarter.

Omega Flex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 8th. Shareholders of record on Thursday, September 25th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 25th. This represents a $1.36 dividend on an annualized basis and a yield of 4.4%. Omega Flex's dividend payout ratio is 80.95%.

Institutional Trading of Omega Flex

A number of hedge funds have recently bought and sold shares of the stock. Ameriprise Financial Inc. lifted its holdings in shares of Omega Flex by 47.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 148,636 shares of the industrial products company's stock worth $4,813,000 after acquiring an additional 47,582 shares during the period. Cardinal Capital Management bought a new position in shares of Omega Flex during the 1st quarter worth about $933,000. Nuveen LLC bought a new position in shares of Omega Flex during the 1st quarter worth about $848,000. Quantinno Capital Management LP bought a new position in shares of Omega Flex during the 2nd quarter worth about $521,000. Finally, Goldman Sachs Group Inc. lifted 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 worth $2,046,000 after acquiring an additional 12,928 shares during the period. 36.06% of the stock is 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; containment pining; and corrugated medical tubing for use in hospitals, ambulatory care centers, dental, physician and veterinary clinics, laboratories, and other facilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.