Omega Flex (NASDAQ:OFLX) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Omega Flex (NASDAQ:OFLX) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

Omega Flex Stock Performance

NASDAQ:OFLX traded down $0.47 during trading hours on Friday, reaching $50.65. 24,609 shares of the company were exchanged, compared to its average volume of 20,965. The stock’s 50-day moving average is $49.05 and its 200-day moving average is $54.22. Omega Flex has a twelve month low of $43.86 and a twelve month high of $85.92.

Omega Flex (NASDAQ:OFLX) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $0.45 EPS for the quarter. Omega Flex had a net margin of 17.71% and a return on equity of 22.84%. The business had revenue of $24.62 million during the quarter.

Omega Flex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Thursday, September 26th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend was Thursday, September 26th. Omega Flex’s dividend payout ratio (DPR) is presently 75.14%.

Institutional Trading of Omega Flex

Hedge funds have recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. grew its position in Omega Flex by 196.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,236 shares of the industrial products company’s stock valued at $63,000 after buying an additional 819 shares during the last quarter. State Board of Administration of Florida Retirement System purchased a new stake in shares of Omega Flex during the 1st quarter worth $128,000. EntryPoint Capital LLC raised its stake in shares of Omega Flex by 577.5% during the 1st quarter. EntryPoint Capital LLC now owns 1,836 shares of the industrial products company’s stock worth $130,000 after buying an additional 1,565 shares during the last quarter. Norden Group LLC acquired a new position in shares of Omega Flex during the 1st quarter worth $249,000. Finally, American Century Companies Inc. raised its stake in shares of Omega Flex by 50.2% during the 2nd quarter. American Century Companies Inc. now owns 5,006 shares of the industrial products company’s stock worth $257,000 after buying an additional 1,673 shares during 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.