Omega Flex (NASDAQ:OFLX) Stock Price Crosses Below Two Hundred Day Moving Average - Here's Why

Key Points

• Omega Flex shares fell below their 200-day moving average, trading as low as $25.08 versus the $29.22 average, and last changing hands near $25.15.
• Analysts remain bearish: Weiss Ratings reiterated a “sell (d+)” rating, and the stock has an overall “Sell” consensus from the one analyst covering it.
• The company reported quarterly EPS of $0.27 on $24.06 million in revenue and paid a $0.34 quarterly dividend, equivalent to a 5.4% yield; however, its 114.29% payout ratio exceeds earnings.

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 $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 restated a "sell (d+)" rating on shares of Omega Flex in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock currently has an average rating of "Sell".

Omega Flex Stock Performance

The stock's 50-day moving average price is $26.36 and its two-hundred day moving average price is $29.22. The stock has a market capitalization of $253.86 million, a PE ratio of 21.13 and a beta of 0.44.

Omega Flex (NASDAQ:OFLX - Get Free Report) last issued 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 company had revenue of $24.06 million during the quarter.

Omega Flex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.36 annualized dividend and a yield of 5.4%. Omega Flex's payout ratio is presently 114.29%.

Institutional Investors Weigh In On Omega Flex

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

About Omega Flex

Omega Flex, Inc NASDAQ: OFLX develops and manufactures flexible metal piping systems. The company is best known for corrugated stainless steel tubing (CSST) used in natural gas and propane distribution systems for residential, commercial and industrial applications.

Its product portfolio includes TracPipe and CounterStrike flexible gas piping systems, which are designed to simplify installation compared with traditional rigid piping. Omega Flex also offers products for specialized applications, including DoubleTrac containment systems and MediTrac medical gas piping.

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