Omega Flex (NASDAQ:OFLX) Share Price Crosses Below 200-Day Moving Average – Here’s Why

Shares of Omega Flex, Inc. (NASDAQ:OFLX) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $48.38 and traded as low as $37.88. Omega Flex shares last traded at $40.07, with a volume of 31,224 shares traded.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Omega Flex from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th.

Omega Flex Stock Down 1.6 %

The firm has a market capitalization of $409.35 million, a PE ratio of 22.41 and a beta of 0.39. The stock has a 50-day moving average price of $46.09 and a 200 day moving average price of $48.25.

Omega Flex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Thursday, December 19th were given a $0.34 dividend. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.36 annualized dividend and a dividend yield of 3.35%. Omega Flex’s dividend payout ratio (DPR) is 75.14%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Los Angeles Capital Management LLC increased its stake in Omega Flex by 5.1% during the 3rd quarter. Los Angeles Capital Management LLC now owns 5,560 shares of the industrial products company’s stock worth $278,000 after buying an additional 270 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Omega Flex by 196.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,236 shares of the industrial products company’s stock worth $63,000 after acquiring an additional 819 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Omega Flex by 3.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 27,952 shares of the industrial products company’s stock worth $1,395,000 after purchasing an additional 932 shares in the last quarter. American Century Companies Inc. lifted its holdings in Omega Flex by 50.2% in the 2nd quarter. American Century Companies Inc. now owns 5,006 shares of the industrial products company’s stock valued at $257,000 after purchasing an additional 1,673 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in Omega Flex by 11.2% in the 3rd quarter. Daiwa Securities Group Inc. now owns 16,853 shares of the industrial products company’s stock valued at $841,000 after purchasing an additional 1,696 shares in the last quarter. Institutional investors and hedge funds own 36.06% of the company’s stock.

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.