Omega Flex (NASDAQ:OFLX) Stock Price Passes Below 200-Day Moving Average - Here's Why

Key Points

• Omega Flex shares fell below their 200-day moving average during trading, with the stock dipping to $29.26 versus a 200-day average of $31.76.
• Sentiment remains weak, as Weiss Ratings downgraded the stock from “hold (c-)” to “sell (d+),” and MarketBeat says the average rating is currently “Sell.”
• The company recently reported earnings and a dividend, posting $0.21 EPS on $23.09 million in revenue, while paying a quarterly dividend of $0.34 per share for a 4.6% annualized yield.

Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report) shares crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $31.76 and traded as low as $29.26. Omega Flex shares last traded at $29.26, with a volume of 31,848 shares traded.

Analysts Set New Price Targets

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

Omega Flex Price Performance

The business's 50-day moving average price is $30.31 and its two-hundred day moving average price is $31.76. The company has a market capitalization of $295.23 million, a price-to-earnings ratio of 22.00 and a beta of 0.46.

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

Omega Flex Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc lifted its position in Omega Flex by 912.1% during the second quarter. Versant Capital Management Inc now owns 1,670 shares of the industrial products company's stock worth $52,000 after purchasing an additional 1,505 shares during the period. Quantinno Capital Management LP increased its holdings in Omega Flex by 48.2% in the 1st quarter. Quantinno Capital Management LP now owns 25,517 shares of the industrial products company's stock valued at $792,000 after buying an additional 8,296 shares during the period. Corsair Capital Management L.P. increased its holdings in Omega Flex by 38.7% in the 1st quarter. Corsair Capital Management L.P. now owns 27,792 shares of the industrial products company's stock valued at $863,000 after buying an additional 7,759 shares during the period. Punch & Associates Investment Management Inc. acquired a new position in Omega Flex during the first quarter valued at approximately $1,350,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake 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 worth $1,337,000 after purchasing an additional 17,866 shares during the last quarter. Institutional investors own 36.06% of the company's stock.

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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